In a bold move, Barclays announced this month that it is going to acquire the deposits, mortgages and business assets of ING Direct UK.
The Dutch bank reviewed its options for the UK business earlier in the year and decided to leave the UK retail banking market.
Approximately 1.5 million customers will transfer to Barclays. The acquisition is set to take place in the second quarter of 2013, and until the integration into Barclays has fully taken place, the buying bank will handle all ING Direct UK’s operations and platforms. Customers are expected to enjoy at least equivalent terms and conditions to those that they have established with ING Direct.
For Barclays, it is an interesting move. There is always some nervousness when we lose a large player from the financial market. We hope that the ING brand can survive the changes.
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