Tesco: to explore sale of mortgage portfolio

(CercleFinance.com) - Tesco Bank, the banking arm of UK retail giant Tesco, is ceasing mortgage lending to new customers and intends to explore a sale of its mortgage portfolio due to "challenging market conditions," the group said on Tuesday.


Tesco Bank, which has offered mortgages since 2012, currently has over 23,000 clients, with a total lending balance of 3.7 billion pounds.

Tesco said its priority is to complete a commercially acceptable transaction, with a buyer that will "continue to serve clients well."

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