Barclays to acquire ING Direct

City A.M. Reporter
Barclays this morning announced it is buying the deposits, mortgages and business assets from Dutch bank ING Direct as it looks to expand its retail banking operations.

ING Direct, which wants to exit the UK retail banking market, said the move was part of a review of its strategic options for its UK business.

Barclays will take over ING’s deposit book, worth £10.9bn, and the mortgage book worth £5.6bn.

Around 750 employees and 1.5m customers will also be transferred to Barclays, where it will be integrated into the bank’s retail banking division.