Barclays (BCS) agrees to acquire ING Direct U.K., with the British bank taking on deposits of...

|About: Barclays PLC (BCS)|By:, SA News Editor

Barclays (BCS) agrees to acquire ING Direct U.K., with the British bank taking on deposits of £10.9B and mortgages of £5.6B, as well as 1.5M customers and 750 employees. The mortgage book has a loan-to-value ratio of 50% as of Aug 31, with Barclays paying a 3% discount but buying the deposit book at par. ING (ING) is taking a €320M after-tax loss on the sale. (PR: Barclays, ING)