ING Groep NV says it is selling its British businesses linked to online banking arm ING Direct UK to Barclays at a €320-million ($415-million) loss.
ING did not disclose what the actual sales price was. The businesses include 1.5 million customers with €13.4 billion of savings deposits and €6.9 billion worth of mortgages. ING said in a statement Tuesday it was selling in order to "sharpen the focus of the bank."
ING added that the deal would marginally improve its solvency.
Barclays said in a separate statement it was buying the business because "it is a good fit" with its existing business lines.
The deal must be approved by regulators. ING said it expected the deal to close in the second quarter of 2013.