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Barclays to buy ING Direct’s UK retail banking business

Barclays has struck a deal to buy ING Direct’s UK retail banking business.

The Dutch banking group ING announced its plan to exit the UK in August 2012, as it seeks to raise funds to repay a bailout from the Dutch government in 2008.

Under the terms of the transaction, which is expected to gain regulatory approval in the second quarter of 2013, Barclays will acquire a £10.9 billion customer deposits, alongside a mortgage book with outstanding balances of £5.6 billion.

The deal will involve the transfer of 750 ING Direct staff and 1.5 million customers to Barclays.

Barclays said it would eventually integrate the ING customers into its existing UK retail business.

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