20 September 2017
visit www.avoka.com

Barclays takes over ING Direct UK

09 October 2012  |  7322 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  |  6509 views  |  0 comments
Barclays extends Pingit to Kenya

Barclays extends Pingit to Kenya

20 August 2012  |  9750 views  |  0 comments
#ByeBarclays flashmob descends on bank

#ByeBarclays flashmob descends on bank

04 July 2012  |  13230 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  |  9046 views  |  1 comments
ING forced to sell US Internet bank

ING forced to sell US Internet bank

26 October 2009  |  12668 views  |  2 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comdownload the paper nowvisit www.capgemini.com

Who is commenting?

A Finextra member Finextra Member Commented on: The C-Suite Challenges...
A Finextra member Finextra Member Commented on: Dutch bank sentences t...

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
10296 views comments | 22 tweets | 39 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10260 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9114 views comments | 6 tweets | 3 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
7587 views comments | 5 tweets | 4 linkedin
ING moves into digital wealth management with Scalable CapitalING moves into digital wealth management w...
7463 views comments | 14 tweets | 15 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job