Barclays Bank announces that it has agreed to acquire the deposits, mortgages and business assets of ING Direct UK. The acquisition follows the announcement by ING Direct N.V. on 2 August 2012 of a review of its strategic options for the ING Direct UK business, and its subsequent decision to exit the UK retail banking market.
On completion, approximately 750 ING Direct UK employees and 1.5 million customers will transfer to Barclays. Barclays intends to integrate the ING Direct UK business into its UK Retail and Business Banking division. Until integration, Barclays will continue to utilise ING Direct UK’s operations and platforms to service existing customers. Customers are expected to continue to enjoy at least equivalent terms and conditions to those which they currently enjoy with ING Direct UK.
Completion is subject, amongst other things, to regulatory approval and is expected to occur early in Q2 2013.
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