Barclays to buy ING Direct UK
ING is to sell its UK savings and mortgage businesses to Barclays.
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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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.
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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.
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Here we go again. I deliberately chose ING because they were not a British bank and had a good reputation. They have excellent customer service and details. I will be looking at the correspondance about my savings deal that would transfer to Barclays BUT when the fixed period is up I will not be dealing with Barclays, bunch of crooks and so are LLoyds, they ignored our instructions on investment risk years ago, and lost us a lot of money, despite protesting/complaining they did nothing. If I could put my money under the mattress I would. Safer and cheaper than the banks. They just screw you for every little thing, and they have the gall to pay themselves massive bonuses, it's gone quiet at the moment BUT they will do it again when they think they can get away with it again. You will never convince me that Mervyn King and George Osbourne do not know what these greedy bankers are up to. 4o years ago Bank Managers were respected and trusted!!! and now................................
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23 October 2012