Tesco Unloads Mortgage Portfolio In £3.8B Sale To Lloyds

Law360, London (September 3, 2019, 3:53 PM BST) -- Lloyds Banking will buy Tesco Bank’s mortgage portfolio for £3.8 billion ($4.6 billion), the lenders announced Tuesday, just a few months after Tesco said it would halt new mortgage lending amid challenging market conditions caused by banking reforms that took force earlier this year.

Lloyds Banking Group PLC will acquire Tesco Personal Finance PLC’s entire residential portfolio, which is made up of over 23,000 mortgages worth £3.7 million. Lloyds said that the transaction, in which it will pay 2.5% more than the outstanding gross value of the book, is “consistent with group strategy” to grow in areas where it sees “value...

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