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.'
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.