Lloyds takes over Tesco mortgages
Lloyds Banking Group is snapping up Tesco's mortgage portfolio for about £3.8bn (€4.17bn) as it bets the UK economy will hold up despite prospects of a disorderly Brexit.
The country's biggest mortgage lender is tightening its grip, acquiring more than 23,000 mortgage customers as part of the deal, said statements from both companies.
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Tesco, which has been cutting costs and slimming staff, said in May it is ending mortgage lending and exiting its home loan book, citing challenging conditions which have pushed some smaller lenders out of the market.
Tesco shares fell 0.6pc in early London trading, while Lloyds slipped 1.3pc.