Share Prices & Company Research

Market News

03 Sep 2019 | 07:15

Tesco completes sale of mortgage book to Lloyds for £3.8bn

Tesco's banking arm confirmed that it had completed the sale of its mortgage portfolio to Lloyds Banking Group for around £3.8bn.

Tesco Bank currently over over 23,000 mortgage customers and the portfolio had a lending balance of about £3.7bn.

It generated directly attributable pre-tax profits of £9.1m in the 2019 financial year.

'The sale is in line with Tesco Bank's strategy of focusing on a reduced number of products and services that serve the broad range of Tesco customers, and will reduce operating and funding costs,' Tesco said.

The sale proceeds would be used for re-investment into Tesco's customer offer, ongoing transformation of the business and re-balancing of retail and wholesale funding sources given the reduction in overall lending.

Story provided by
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.