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Standard Life may sell banking arm

Standard Life is understood to be looking at selling its banking arm with Barclays Bank believed to be the frontrunner.

According to reports, Standard Life has slapped a price tag of between £200m and £300m for the banking subsidiary, which was launched in 1998.

PricewaterhouseCoopers is understood to be undertaking diligence on the asset base of the bank to advise on an offer by one of the UK clearing banks.

Standard Life Bank currently has savings of around £5bn and around £9.7bn in mortgages. The bank made a £9.5m profit in 2008. Chief executive Anne Gunther stepped down in February this year to be replaced by the head of Standard Life’s customer service division John Gill.

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