Barclays has agreed a deal to purchase the mortgages, deposits and business assets of ING Direct as it continues to expand its retail operations.
The major British bank announced this morning (9 October) it will acquire these areas of its Dutch counterpart's business after the latter organization revealed earlier this year it has decided to exit the UK retail banking market.
Under the terms of this agreement - which is subject to regulatory approval but is expected to be completed by the early stages of quarter two 2013 - Barclays will take on 1.5 million ING Direct UK customers and around 750 members of staff.
Barclays will acquire a deposit and mortgage books with balances of £10.9 billion ($17.4 billion) and £5.6 billion respectively.
Ashok Vaswani, chief executive of Barclays UK retail and business banking division, said his firm is "delighted" to welcome ING Direct UK customers, adding that the acquisition of the financier represents a "good fit" with Barclays' existing portfolio.
By Gary Cooper