Tesco sells mortgage portfolio to Lloyds in £3.8bn deal

Lloyds Banking Group has agreed to buy Tesco Bank's mortgage book in a £3.8bn deal. The deal will see more than 23,000 residential mortgage customers transfer to Lloyds-owned business Halifax in a move cementing the bank's position as Britain's biggest lender. Lloyds will pay a 2.5% premium compared to the loans' outstanding book value Vim Maru, Lloyds director of retail, said: "This is a good deal for the group, our shareholders, and Tesco's mortgage customers. We believe our Halifax brand will make a good home for these customers and we look forward to welcoming them to the group." ...