23 March 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Barclays takes over ING Direct UK

09 October 2012  |  6865 views  |  0 ING Bank

Barclays is set to take over the UK online banking operations of ING in a deal that will leave the Dutch outfit with a EUR320 million post-tax loss.

The agreement sees Barclays take on 1.5 million new customers, deposits of £10.9 billion and a mortgage book with outstanding balances of £5.6 billion, further consolidating a market that the government has called for more diversity in.

ING Direct UK's 750 employees will transfer to Barclays, integrated into the latter's UK retail and business banking division.

Jan Hommen, CEO, ING, says: "In Barclays we have found a company who will continue to provide the excellent service our approximately 1.5 million ING Direct customers in the UK have grown accustomed to."

ING will make a EUR320 million loss on the deal - slated to close in the second quarter, subject to regulatory approval - but release capital of EUR330 million.

The firm has been busy selling off assets over the last year to raise cash to pay back money lent by the Dutch government at the height of the financial crisis. In August it agreed to offload its Canadian online unit to Scotiabank for C$3.1 billion deal while its US operations have been sold to Capital One.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Scotiabank agrees C$3.1bn ING Direct Canada acquisition

Scotiabank agrees C$3.1bn ING Direct Canada acquisition

30 August 2012  |  5684 views  |  0 comments
Barclays extends Pingit to Kenya

Barclays extends Pingit to Kenya

20 August 2012  |  9432 views  |  0 comments
#ByeBarclays flashmob descends on bank

#ByeBarclays flashmob descends on bank

04 July 2012  |  12973 views  |  2 comments
Capital One agrees $9 billion deal for ING Direct USA

Capital One agrees $9 billion deal for ING Direct USA

17 June 2011  |  7035 views  |  1 comments
ING forced to sell US Internet bank

ING forced to sell US Internet bank

26 October 2009  |  12330 views  |  2 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.comParticipate in the survey

Top topics

Most viewed Most shared
Bank of England sets up fintech Community; runs blockchain and AI trialsBank of England sets up fintech Community;...
15942 views comments | 33 tweets | 26 linkedin
hands typing furiouslyMachine Learning: Lessons for Banks From S...
10017 views 0 | 11 tweets | 8 linkedin
Samsung Galaxy S8 to use facial recognition for payments - BloombergSamsung Galaxy S8 to use facial recognitio...
8360 views comments | 35 tweets | 28 linkedin
satellite26 Japanese banks register for Exchange-ru...
7434 views comments | 2 tweets | 1 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
7244 views comments | 21 tweets | 36 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job