Barclays buys ING Direct UK

Jenna Towler
clock

Barclays has bought ING Direct UK and will merge the outfit into its retail banking operations.

The deal sees Barclays acquire ING's £10.9bn deposits and its £5.6bn mortgage book.  The mortgage book had a loan to value ratio of 50% as at 31 August 2012 and is being acquired at a 3% discount. ING announced plans to exit the UK market in August. It is currently seeking a bailout from the Dutch government. ING said the sale would result in a £260m after-tax loss on the sale. Its 750 staff and 1.5 million customers will transfer directly to Barclays.

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

London Stock Exchange granted FCA approval to become inaugural PISCES operator

London Stock Exchange granted FCA approval to become inaugural PISCES operator

To launch later this year

Cristian Angeloni
clock 27 August 2025 • 1 min read
Watch Professional Adviser's Working Lunch with Baillie Gifford - Enduring Growth in a Changing World

Watch Professional Adviser's Working Lunch with Baillie Gifford - Enduring Growth in a Changing World

Catch up on the discussion

Professional Adviser
clock 21 August 2025 • 1 min read
PA Awards 2025: Why MyFolio Index came out top as Best Risk Targeted Range of Funds

PA Awards 2025: Why MyFolio Index came out top as Best Risk Targeted Range of Funds

Aberdeen Investments Senior Investment Director and Head of Managed & Model Solutions Justin Jones shares what sets MyFolio Index apart following its Best Risk Targeted Range of Funds award win at the Professional Adviser Awards 2025.

Professional Adviser
clock 19 August 2025 • 3 min read