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Tesco ceases new mortgage lending; explores sale of loan book

Tuesday, 21st May 2019
Supermarket giant Tesco said its banking division had ceased new mortgage lending and was actively seeking to sell its mortgage book.

A sale would include a complete transfer of related balances and ongoing administration of accounts.

"In recent years, challenging market conditions have limited profitable growth opportunities,' Tesco Bank chief executive Gerry Mallon said.

'Our focus is on how we best serve Tesco customers and align our resources effectively to their needs while ensuring that our offer remains sustainable in the long term.'

The bank, which has offered mortgages since 2012, currently served over 23,000 customers with total lending balances of £3.7bn.

Mallon said the company had decided to 'focus on serving a broader range of customers in more specific areas, which means moving away from our mortgage offer'.

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