Barclays to buy ING Direct UK
ING is to sell its UK savings and mortgage businesses to Barclays.
Barclays is to buy the savings, mortgages and business assets of ING Direct UK.
The deal will see Barclays take on savings accounts worth £10.9 billion and a mortgage book with outstanding balances of £5.6 billion.
Barclays will gain around 1.5 million customers as a result, when the transaction goes through early in the second quarter of 2013.
Barclays has said it will honour the existing terms and conditions of existing ING Direct customers.
ING is selling its mortgage book at a 3% discount, and will lose about £260 million on the sale. The Dutch group has sold off several of its businesses around the world in order to repay the bailout it received from the Dutch Government in 2008.
ING Direct launched in the UK in 2003. For more read ING shouldn't be allowed to sell to Barclays
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