ING Direct UK
2012
$1.2B
Why
Barclays purchased the UK operations of ING Direct for $952 million to acquire a high-quality portfolio of retail savings deposits and a rapidly growing online banking customer base, further strengthening its retail funding franchise in the aftermath of the European sovereign debt crisis.
Impact
The acquisition instantly added over $25 billion in retail deposits to Barclays' balance sheet, significantly improving its loan-to-deposit ratio and reducing its reliance on volatile wholesale funding markets during a period of extreme market stress.
Outcome
ING Direct UK was seamlessly rebranded and integrated into Barclays' retail banking operations, providing a boost to the bank's liquidity metrics and cementing its dominance in the UK digital savings market.