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Barclays agrees to buy ING Direct UK

UK's Barclays Bank has agreed to purchase the deposits, mortgages and business assets of ING Direct UK for an undisclosed sum.

As per the terms of the deal, the UK bank will acquire a deposit book with balances of £10.9bn and a mortgage book with outstanding balances of £5.6bn, as at 31 August 2012.

The mortgage book had a loan to value ratio of 50% as at 31 August 2012 and is being acquired at nearly 3% discount, while the deposit book will be bought at par.

On completion of the transaction, Barclays will get 750 ING Direct staff and 1.5 million customers, while the operations will be integrated into the former’s UK Retail and Business Banking division.

The deal is expected to complete in the early part of the second quarter of 2013, after receiving regulatory approval.

ING, the Dutch banking group, is divesting the direct banking businesses to streamline its operations and repay the state aid it received during the 2008 financial crisis.