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.'

|
Toby Melville/Reuters/File
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.

 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.

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.

You've read  of  free articles. Subscribe to continue.
Real news can be honest, hopeful, credible, constructive.
What is the Monitor difference? Tackling the tough headlines – with humanity. Listening to sources – with respect. Seeing the story that others are missing by reporting what so often gets overlooked: the values that connect us. That’s Monitor reporting – news that changes how you see the world.

Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

If you’re looking for bran muffin journalism, you can subscribe to the Monitor for $15. You’ll get the Monitor Weekly magazine, the Monitor Daily email, and unlimited access to CSMonitor.com.

QR Code to ING Group sells UK business to Barclays at massive loss
Read this article in
https://www.csmonitor.com/Business/Latest-News-Wires/2012/1009/ING-Group-sells-UK-business-to-Barclays-at-massive-loss
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe