Barclays PLC announced Monday that it had agreed to buy Standard Life PLC's banking assets for $369 million in cash to expand its British savings and mortgage operations.

The London bank said in a statement that it will explore opportunities in the U.K. retail, long-term savings and investments industry with Standard Life, the U.K.'s third-biggest insurer.

Barclays is seeking to increase revenue at its consumer and corporate banking division and reduce reliance on investment banking after its purchase of U.S. assets from Lehman Brothers Holdings Inc. last year. It agreed to buy the Portuguese credit card business of Citibank International PLC last month and is seeking more deals in Europe.

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