Freshfields and Linklaters lead as Barclays takes over ING Direct UK

Freshfields Bruckhaus Deringer and Linklaters have won lead roles on Barclays' takeover of ING Direct UK, the British online banking arm of ING. Barclays is set to inherit 1.5 million customers from ING through the transaction, which will also see Barclays acquire £10.9bn of savings deposits and a mortgage-lending operation with outstanding balances of £5.6bn. The value of the deal has not been disclosed.

October 09, 2012 at 08:16 AM

2 minute read

By Alex Newman

Freshfields Bruckhaus Deringer and Linklaters have won lead roles on Barclays' takeover of ING Direct UK, the British online banking arm of ING.

Barclays is set to inherit 1.5 million customers from ING through the transaction, which will also see Barclays acquire £10.9bn of savings deposits and a mortgage-lending operation with outstanding balances of £5.6bn. The value of the deal has not been disclosed.

Linklaters is acting for Barclays, fielding a team led by London corporate partner William Buckley and including corporate managing associate Dominic Kendal-Ward and TMT managing associate Georgina Kon.

Freshfields is advising ING Direct, with corporate partners Matthew Cosans and Claire Wills leading a team which is also providing regulatory, antitrust, IP/IT, employment, pensions and benefits, tax and real estate advice.

Both Freshfields and Linklaters sit on Barclays' general advisory panel, with Freshfields last month representing the bank on a €164m (£102m) claim by investment firm CF Partners. In July, former Freshfields senior partner Anthony Salz was made head of an independent inquiry launched by Barclays in the wake of the Libor rate-rigging scandal.

The Dutch ING Group, said it would incur a €320m (£260m) after-tax loss as part of the sale of ING Direct UK. In August, ING also announced the sale of the Canadian arm of ING Direct to Scotiabank for C$3.1bn (£2bn).

Barclays said it expects the deal to be completed early in Q2 2013, subject to regulatory approval.