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Tesco Bank to exit mortgage lending, eyes portfolio sale

U.K.-based Tesco Bank is exiting mortgage lending to focus on other strategic areas.

The bank is not offering any new lending to clients and is weighing options to sell its mortgage portfolio, including related balances and accounts. However, no transaction is certain yet and the bank will disclose more details in due course when needed, it said in a May 21 statement.

Tesco PLC is the ultimate holding company of Tesco Bank.