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Barclays to buy ING Direct UK

John Fitzsimons
by Lovemoney Staff John Fitzsimons on 09 October 2012  |  Comments 11 comments

ING is to sell its UK savings and mortgage businesses to Barclays.

Barclays to buy ING Direct UK

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

What do you think of this move? Let us know in the Comments section below.

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Comments (11)

  • Aitken B
    Love rating 109
    Aitken B said

    I used to have a Woolwich saving account.

    After Barclay's bought the Woolwich I opened an ING account.

    I'll let you know where I go next so you can all avoid it.

    Report on 09 October 2012  |  Love thisLove  1 love
  • tuttogallo
    Love rating 74
    tuttogallo said

    I agree with comments above. We need more competition not less and I do not understand why this is being allowed.

    If Barclays is too big to fail now, the position will be worse after it has swallowed ING.

    It is a constant struggle to get reasonable savings rates whilst keeping money spread around for safety. There just aren't enough institutions left.

    Report on 23 October 2012  |  Love thisLove  0 loves

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