The Federal Reserve Board cleared the way last week for Capital One Financial Corp. to complete a $9 billion, cash and stock deal for ING Direct USA. It’s a coup for Capital One, which already purchased a few smaller banks. But ING Direct customers attracted by the bank’s generous interest rates and lack of nickel-and-diming [...]
After several delays, the Federal Reserve Board has approved Capital One's request to purchase ING Direct USA and ShareBuilder. What will this mean for customers of the two financial institutions?
Capital One Financial has struck a deal to buy ING Group's online banking business in the United States for about $9 billion in cash and stock, in an effort to bolster its nascent banking operations.
ING Groep agreed to sell its U.S. online-banking business to Capital One for $9 billion ? $6.2 billion in cash and $2.8 billion in stock.
"Capital One Financial Corp. (COF)'s planned purchase of ING Groep NV (INGA)'s U.S. online bank won approval from the Federal Reserve, clearing the way for the credit-card lender to add about $80 billion in deposits."