Skip to footer

ING Group sells UK business to Barclays at massive loss

ING Group is selling its British businesses linked to online banking arm ING Direct UK to Barclays at a €320-million ($415-million) loss. ING Group said in a statement Tuesday it was selling in order to 'sharpen the focus of the bank.'

|
Toby Melville/Reuters/File
The logo of Barclays bank is seen at a branch in central London in this 2007 file photograph. Barclays PLC will buy the deposits, mortgages and business assets of ING Direct UK valued at more than 11 billion pounds ($17.63 billion), the British bank said in a statement on October 9, 2012.
  • By The Associated Press

| Amsterdam

 ING Groep NV says it is selling its British businesses linked to online banking arm ING Direct UK to Barclays at a €320-million ($415-million) loss.

ING did not disclose what the actual sales price was. The businesses include 1.5 million customers with €13.4 billion of savings deposits and €6.9 billion worth of mortgages. ING said in a statement Tuesday it was selling in order to "sharpen the focus of the bank."

ING added that the deal would marginally improve its solvency.

Barclays said in a separate statement it was buying the business because "it is a good fit" with its existing business lines.

The deal must be approved by regulators. ING said it expected the deal to close in the second quarter of 2013.

You've read  of  free articles. Subscribe to continue.
Real news can be honest, hopeful, credible, constructive.
What is the Monitor difference? Tackling the tough headlines – with humanity. Listening to sources – with respect. Seeing the story that others are missing by reporting what so often gets overlooked: the values that connect us. That’s Monitor reporting – news that changes how you see the world.
Subscribe
QR Code to ING Group sells UK business to Barclays at massive loss
Read this article in
https://www.csmonitor.com/Business/Latest-News-Wires/2012/1009/ING-Group-sells-UK-business-to-Barclays-at-massive-loss
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe