Barclays Bank plc has agreed to acquire Standard Life Bank Plc from Standard Life Plc for a cash consideration of £226 million.

Barclays will acquire a savings book of approximately £5.5 billion and a mortgage book with outstanding balances of approximately £8.8 billion, with an average LTV of 48%.

On completion, approximately 270 Standard Life employees will transfer to Barclays.

Standard Life Bank reported IFRS underlying profit before tax of £26 million for the year ended 31 December 2008 and £15m for the half-year ended 30 June 2009. Standard Life has confirmed to Barclays that Standard Life Bank “has traded well”” since 30 June 2009.