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Barclays PLC on Wednesday said it completed its multi-billion-pound acquisition of Kensington Mortgage Co Ltd. The London-based bank said the purchase reinforced the commitment of its UK branch to the UK residential housing market. Kensington Mortgage’s portfolio had a total of £2.2 billion of loans at the time of completion of the acquisition, which Barclays will pay. On top of that, Barclays will pay £2.4 billion for the acquisition of Kensington Mortgage. Barclays said the transaction has been paid from its existing resources, and is estimated to reduce its common equity tier 1 ratio by about 14 basis points compared to December 31, when it had a CET1 ratio of 13.9%. The bank said as part of the transaction, its UK unit is also buying Kensington Mortgage Services Ltd. Barclays shares were 0.6% higher at 175.64 pence each in London on Wednesday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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