Barclays to buy UK specialist lender Kensington Mortgages (US.BCS) - 24 iunie 2022

  Barclays has agreed to buy UK specialist lender Kensington Mortgages in a £2.3bn deal, as the bank moves to improve its market share of home loans despite the threat of a recession. The UK bank will acquire Kensington’s £1.2bn mortgage book as part of the transaction, according to a statement on Friday. Barclays said the value of the deal was based on it being completed by December and Kensington’s mortgage book comprising £2bn of loans by that point. 

  The move comes amid fierce competition in UK mortgages after home purchases surged during the pandemic. With base rates now rising, banks are also set to receive a boost to their interest income.

Executives have been keen to boost Barclays position in the market and provide greater balance to its business model. Mortgages have for years been comparatively small compared with its top position in credit cards, where it accounts for more than a quarter of the market.

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