Barclays has announced it is to buy ING Direct UK
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Barclay to buy ING Direct UK
October 09, 2012
Barclays has announced it is to buy ING Direct UK which has its head office in Thames Valley Park, East Reading.
The deal will see the Dutch bank's 750 UK staff and 1.5 million customers transfer to Barclays which says it intends to integrate the business into its retail and business banking division.
ING revealed plans to leave the UK retail banking market following a review of it's business in August. The bank is looking to repay a bailout it received from the Dutch government in 2008.
Ashok Vaswani, chief executive of Barclays UK retail and business banking, said: "We intend to maintain the high standard of service and honour the existing terms and conditions they have experienced with ING Direct UK.
"The acquisition of ING Direct UK is a good fit with Barclays existing UK retail banking business."
The deal is subject to regulatory approval and is expected to complete early in the second quarter of 2013.
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