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.

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