Barclays to acquire ING Direct UK

LONDON, Oct 9 (Reuters) - 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 Tuesday.

ING said the move followed an announced strategic review of its UK business in August to sharpen the focus of the bank and will see approximately 750 employees and 1.5 million customers transfer to Barclays.

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

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

($1 = 0.6240 British pounds)

(Reporting By Anjuli Davies, editing by Sinead Cruise)

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