Barclays swoops on French ING bank

20th January 2005, Comments 0 comments

LONDON, Jan 20 (AFP) - Barclays, the third-biggest British bank, said Thursday it had made an undisclosed offer for the wealth business of ING Securities Bank (France), a unit of Dutch banking giant ING Group.

LONDON, Jan 20 (AFP) - Barclays, the third-biggest British bank, said Thursday it had made an undisclosed offer for the wealth business of ING Securities Bank (France), a unit of Dutch banking giant ING Group.

Barclays said any acquisition would create an operation comprising over 50 branches, 140,000 clients and EUR 10 billion (USD 13 billion) of assets under management.

"This acquisition complements our existing operations and would create a larger and more diverse business for Barclays in France, increasing its customer base by a quarter, and providing a platform to accelerate growth," said David Roberts, chief executive of Barclays International Retail and Commercial Banking division.

"It would also further the Barclays Group's stated aim to grow the proportion of our income from outside the UK," he added.

Barclays refused to reveal the amount it intended to pay for the wealth business, consisting of ING Ferri and ING Private Banking.

An industry source told AFP's financial news wire, AFX, that the sum would be below EUR 100 million (USD 129 million).

In Amsterdam, ING Group said it had entered into exclusive talks with Barclays following the latter's offer.

© AFP

Subject: French News

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