Arab Today, arab today barclays stamps new era with dutch ing purchase
Last Updated : GMT 05:49:03
Arab Today, arab today
Arab Today, arab today

Barclays stamps new era with Dutch ING purchase

Arab Today, arab today

Arab Today, arab today Barclays stamps new era with Dutch ING purchase

London - AFP

Barclays said it would buy the British online arm of Dutch bank ING for an undisclosed amount, refocusing attention on its retail division in the wake of the Libor interest rate scandal. It is the first acquisition by Barclays\' new chief executive Antony Jenkins, the bank\'s former retail and business banking head who in August replaced Bob Diamond following the latter\'s resignation over Libor. \"Barclays Bank PLC announces that it has agreed to acquire the deposits, mortgages and business assets of ING Direct UK,\" Barclays said in a statement. The deal followed ING\'s decision in August to exit the British retail banking market after a strategic review. \"The transaction confirms ING\'s determination to push through its restructuring, while it may also be an indication that Barclays\' new CEO intends to focus more on the group\'s retail banking franchise,\" said Simon Adamson, analyst at CreditSights research group. The bank\'s investment arm has been severely rocked by the Libor affair, which erupted in June when Barclays was fined £ 290 million ($ 465 million, 359 million euros) by British and US regulators for attempted manipulation of Libor and Euribor interbank rates between 2005 and 2009. The scandal led to the resignations of three leading Barclays executives — Diamond, chairman Marcus Agius and chief operating officer Jerry del Missier. The fallout risks becoming much wider, however, with analysts claiming that the lender could face massive lawsuits, since mortgage rates passed onto customers were influenced by Libor — which along with Euribor rates are crucial to the operation of short-term financing. Although Barclays is the only bank to have been fined over Libor, it is understood that at least 15 lenders globally are being investigated for potential rate manipulation. ING Direct UK meanwhile is a direct banking platform launched in 2003 which offers clients savings and mortgages products through secure online and mobile Internet channels. Two call centres in Britain provide customer support. \"Barclays intends to integrate the ING Direct UK business into its UK Retail and Business Banking division,\" the British company said on Tuesday. \"Until integration, Barclays will continue to utilise ING Direct UK\'s operations and platforms to service existing customers. \"Customers are expected to continue to enjoy at least equivalent terms and conditions to those which they currently enjoy with ING Direct UK.\" Barclays will acquire ING Direct UK\'s deposit book with balances of £ 10.9 billion and a mortgage book with outstanding balances of £ 5.6 billion. The group added that about 750 ING employees and 1.5 million customers will transfer to Barclays. ING said it expected to book a transaction loss of 320 million euros after tax, which would be offset by a release of risk-weighted assets of the same value. The deal is expected to complete, subject to regulatory approvals, in the second quarter of next year. Other ING Direct units are not affected by the announcement. In late afternoon European trading, shares in Barclays were up 0.74 percent at 224 pence, while ING gained 0.46 percent to 6.49 euros.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today barclays stamps new era with dutch ing purchase Arab Today, arab today barclays stamps new era with dutch ing purchase

 



Arab Today, arab today
Arab Today, arab today Accessories designer reveals her new collection

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today Number of unwedded girls amounts to 2.5m

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Donia Abdel Aziz participates in "Game of Silence"

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:39 2017 Monday ,20 March

Dalia Mustafa believes in the presence of ghosts

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 13:11 2017 Tuesday ,21 March

Web-based counseling lowers blood pressure

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday