Lloyd’s Banking Group has purchased Tesco Bank’s mortgage portfolio.
Tesco Bank will move over 23,000 mortgages over to Halifax, a subsidiary of Lloyd’s, by the end of the month.
The bank’s UK residential mortgage portfolio is worth £3.8bn.
Tesco stopped lending on new mortgages in May and announced plans to sell portfolio.
What does this mean?
The decision to sell to Halifax ends a competition to secure the portfolio which also involved Santander and RBS.