Tesco to Explore Sale of Mortgage Portfolio
May 21 2019 - 02:42AM
Dow Jones News
By Adria Calatayud
Tesco PLC (TSCO.LN) said Tuesday that is exploring a sale of the
mortgage portfolio of its banking arm, which has ceased new
mortgage lending.
Tesco Bank has offered mortgages since 2012 and currently serves
more than 23,000 customers with total lending balances of 3.7
billion pounds ($4.70 billion), it said.
"In recent years, challenging market conditions have limited
profitable growth opportunities," Tesco Bank Chief Executive Gerry
Mallon said.
There is no certainty that any transaction will result nor as to
the terms on which it might be made, Tesco said.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
May 21, 2019 02:27 ET (06:27 GMT)
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