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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 It is now over 6 months old so the content may be out of date.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."

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