By Adria Calatayud

Tesco PLC (TSCO.LN) said Tuesday that is exploring a sale of the mortgage portfolio of its banking arm, which has ceased new mortgage lending.

Tesco Bank has offered mortgages since 2012 and currently serves more than 23,000 customers with total lending balances of 3.7 billion pounds ($4.70 billion), it said.

"In recent years, challenging market conditions have limited profitable growth opportunities," Tesco Bank Chief Executive Gerry Mallon said.

There is no certainty that any transaction will result nor as to the terms on which it might be made, Tesco said.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

May 21, 2019 02:27 ET (06:27 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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