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Barclays buys ING Direct UK

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

The deal sees Barclays acquire ING’s £10.9bn savings 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.

Existing savers and mortgage borrowers with ING are expected to enjoy at least equivalent terms and conditions to those they are currently on.

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