Barclays agrees to buy ING Direct UK - Banking - News - Moneyfacts

News

Barclays agrees to buy ING Direct UK

Barclays agrees to buy ING Direct UK

Category: Banking

Updated: 09/10/2012
First Published: 09/10/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Barclays has confirmed that it is to buy ING Direct UK , acquiring its £10.9 billion retail deposits and £5.6 billion mortgage book.

ING Direct UK announced in August that it was to exit the UK market. The Dutch bank is in the process of raising funds to repay a government bailout in 2008.

Around 750 ING Direct staff will be transferred to Barclays, with 1.5 million customers eventually integrated into Barclays' UK retail banking business.

UK retail and business chief executive at Barclays, Ashok Vaswani, said: "We will be delighted to welcome ING Direct UK customers to Barclays.

"We intend to maintain the high standard of service and honour the existing terms and conditions they have experienced with ING Direct UK . The acquisition is a good fit with Barclays' existing UK retail banking business."

What Next?

Find the best bank account for you - compare bank accounts

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Simple measures to improve banking security

The payments industry is gearing up for some big changes in the near-future, with the announcement of some key improvements that should help all of us be more secure when banking online.

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!
 
Close