In a deal which has cost the Barclays Group a whopping 225 Million pound, the giant banker has acquired Standard Life Bank. The deal has come as a result of the insurer, currently struggling with difficult times and mounting debts, finally crunching under the high demands of the financial and insurance sector. The firm had been trying to establish itself amidst turbulent times for nearly 11 years.

Despite the fact that the Edinburgh based Standard Life has attracted customers in large numbers, thanks to its friendly loan products and policies and competitive savings accounts, it has, since its launch, suffered losses nearly worth 45 Million pound.

Standard Life's Chief Executive David Nish shared, "Standard Life’s deal with Barclays to provide a simplified self-invested pension shows the way forward for transparent products in the industry". He further asserted that the two firms "share very strongly the same culture".

Standard Life currently has some 287,000 savings accounts, all of which are expected to have huge balances. While Barclays has clarified that until the "legal transfer of Standard Life Bank has been completed, the two groups will retain separate banking licenses", analysts have been quick to warn that customers who have more than  pound 50,000 with either of the groups should consider moving their savings elsewhere.