Wires

Barclays to acquire ING Direct UK

LONDON, Oct 9 (Reuters) - Barclays PLC will buy thedeposits, mortgages and business assets of ING Direct UK valuedat more than 11 billion pounds ($17.63 billion), the Britishbank said in a statement on Tuesday.

ING said the move followed an announced strategic review ofits UK business in August to sharpen the focus of the bank andwill see approximately 750 employees and 1.5 million customerstransfer to Barclays.

"The acquisition of ING Direct UK is a good fit withBarclays existing UK retail banking business," Ashok Vaswani,Chief Executive of Barclays UK Retail and Business Banking saidin a statement.

Terms of the transaction were not disclosed but is expectedto be accretive to return on equity immediately and the impacton Core Tier 1 capital is not material.

($1 = 0.6240 British pounds)

(Reporting By Anjuli Davies, editing by Sinead Cruise)

((anjuli.davies@thomsonreuters.com; +44 207 542 6670;))

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