Business Finance General News

Tesco Bank to sell its $4.7bn mortgage business due to tough market conditions

tesco bank

On Tuesday, 21st March, Tesco, Britain’s retail giant, would stop its mortgage lending in its banking business according to Nationwide Building Society. The retail giant would stop new lending due to tough market conditions.

Tesco Bank is looking to sell is an existing portfolio of home loans with 23,000 mortgage clients with 3.7 billion pounds.

According to Gerry Mallon, the Chief Executive of the company said that the company has seen limited growth opportunities and challenging market conditions in the last few years.

According to the company, Britain’s exit from the European Union prevented interest rate hikes.

HSBC, Europe’s biggest bank has increased its focus on home loans in Britain and reduced its riskier activity.

Tesco bank in a statement said that it would sell its entire mortgage portfolio for a good price.

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