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ING Direct products in the UK included savings accounts, Cash ISAs, mortgages and home insurance. ING announced a plan to exit the UK in August 2012, as it sought to raise funds to repay the Dutch government. On 9 October 2012 Barclays announced that it had agreed to buy ING Direct UK, taking on its £10.9bn deposits and £5.6bn mortgage book ...
Dutch financial institution ING Groep announced it had completed the sale of ING Direct UK to Barclays as part of a year-long process of focusing its operations primarily on retail, direct, and ...
LONDON -- Barclays (ISE: BARC.L) (NYS: BCS) remained steady at 222 pence in early morning trade after the bank announced it is to acquire the deposits, mortgages, and business assets of ING Direct UK.
In October 2012 Barclays announced it had agreed to buy the ING Direct UK business of the ING Group. [141] The transfer of the business to Barclays was approved at the High Court on 20 February 2013 and ING Direct was renamed Barclays Direct and would be integrated into the existing Barclays business within two years. [142]
^D Grupo Santander only acquired the savings portion of Bradford & Bingley; the company's loan portfolio was nationalised by the UK government. [83] ^E The Financial Supervisory Authority took control of the board of directors while Kaupthing Edge, its Internet bank, was taken over by ING Direct UK. [84]
Capital One received permission to merge ING into its business in October 2012, [79] and rebranded ING Direct as Capital One 360 in November 2012. [ 80 ] In November 2017, President of Financial Services Sanjiv Yajnik announced that the mortgage market was too competitive in the low rate environment to make money in the business. [ 81 ]
On 8 October 2008 the UK Treasury used the Banking (Special Provisions) Act 2008 to transfer Kaupthing Singer and Friedlander’s Kaupthing Edge deposit business to ING Direct, a wholly owned subsidiary of ING Group, the remainder of Kaupthing Singer and Friedlander's business was put into administration. [2]
The UK government used the Banking (Special Provisions) Act 2008 [50] first to transfer retail deposits from Heritable Bank to a Treasury holding company, [51] then to sell them to Dutch bank ING Direct for £1 million. [52] The same day, the FME also placed Glitnir into receivership. [53] [54]