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ING Group sells UK business to Barclays at massive loss

ING Group is selling its British businesses linked to online banking arm ING Direct UK to Barclays at a €320-million ($415-million) loss. ING Group said in a statement Tuesday it was selling in order to 'sharpen the focus of the bank.'

By The Associated Press / October 9, 2012

The logo of Barclays bank is seen at a branch in central London in this 2007 file photograph. Barclays PLC will buy the deposits, mortgages and business assets of ING Direct UK valued at more than 11 billion pounds ($17.63 billion), the British bank said in a statement on October 9, 2012.

Toby Melville/Reuters/File

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Amsterdam

 ING Groep NV says it is selling its British businesses linked to online banking arm ING Direct UK to Barclays at a €320-million ($415-million) loss.

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ING did not disclose what the actual sales price was. The businesses include 1.5 million customers with €13.4 billion of savings deposits and €6.9 billion worth of mortgages. ING said in a statement Tuesday it was selling in order to "sharpen the focus of the bank."

ING added that the deal would marginally improve its solvency.

Barclays said in a separate statement it was buying the business because "it is a good fit" with its existing business lines.

The deal must be approved by regulators. ING said it expected the deal to close in the second quarter of 2013.

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