Barclays PLC said Monday that it will buy the banking operations of British financial-services firm Standard Life PLC for £226 million ($368.5 million) in cash, as the bank continues to expand its operations.

Barclays will acquire a savings book of £5.5 billion as of June 30 and a mortgage book with outstanding balances of about £8.8 billion, it said.

The U.K. bank has been looking to expand in the U.K. and abroad as some peers, hard-hit by the financial crisis, downsize operations.

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