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.
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