October 9, 2012

ING sells British assets to Barclays at $415M loss

Dutch insurer ING Group NV, with Windsor retirement-services operations, says it is selling its British businesses linked to online banking arm ING Direct UK to Barclays at a $415 million loss (€320 million), The Associated Press reports.

ING did not disclose Tuesday 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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