UK's banking giant, Barclays has announced that it has entered into a deal to acquire the UK savings and loan business of Dutch bank ING.

The acquisition, which will bring 1.5 million customers to the bank, indicates that the bank is beginning to recover from the fallouts of the rigging scandal and displays confidence of the company to its shareholders and customers.

ING has earlier said that it is looking to exit from the UK market in order to raise capital and pay back the aid received from the authorities in the Netherlands. The company will transfer 750 employees, 10.9 billion pounds of deposits and 5.6 billion of mortgages to Barclays. UK's second-largest lender has agreed to acquire loans at a three percent discount, which will result in a loss of 320 million euro for ING.

Antony Jenkins, the new chief executive of Barclays has indicated that he will return the bank to retailing and away from the riskier investment management business. Rich Ricci, head of corporate and investment banking at Barclays has said that the British bank will move away from the businesses that are inappropriate without taking fiscal gains into consideration.

Barclays said the takeover of savings and loan business of ING is a good match for its UK retail banking business that has about 15 million customers.