What does the ING bank takeover mean for you?

Barclays has announced it has bought the British business of Dutch bank ING. If you're already a customer of ING, here's what you should know about the takeover.

"Barclays new chief executive set the course firmly towards retail banking on Tuesday," says Steve Slater on Reuters.com. That's when the bank's takeover of Dutch bank ING's British savings and lending business, due to be completed by April 2013, was announced.

Barclays will take on the 750 staff, £10.9bn of deposits and £5.6bn of mortgages of the British business, as ING seeks to raise funds to repay Dutch state aid in the wake of the banking crisis. The deal will add around 1.5 million customers to Barclays existing roster of around 15 million. So what does all this mean for customers of ING?

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