ING sells UK business to Barclays
Tuesday 09 October 2012
Banking group ING is selling its ING Direct operation in the UK to Barclays which will integrate it into its online banking business.
The high-profile mortgage and savings business, which has been under review since the summer, employs 750 people and has call centres in Reading and Cardiff.
ING will make a loss of €320m after tax and release capital of €330m used to support the operation, reports the Financieele Dagblad.
The bank said the sale was part of efforts to sharpen the focus of the bank.
'The acquisition of ING Direct UK is a good fit with Barclays existing UK retail banking business,' Barclays' CEO Ashok Vaswani told the Guardian newspaper.