Capital One to buy ING in $9bn deal

| June 17, 2011 | 0 Comments

Capital One, renowned for its credit cards, is to purchase the US internet banking division of ING – the Dutch banking and insurance company.

The deal will see Capital One pay $9 billion (£5.5 billion) in cash and shares - $6.2 billion in cash and the remainder in stock, in a move which will see the credit card company become the fifth biggest depository institution.

Meanwhile, ING will receive a 9.9% stake in Capital.

ING Direct launched was established in the US more than a decade ago and is now the biggest online bank in the country with more than 7 million customers.

The deal represents one of the largest bank acquisitions in the US since the financial crisis and is subject to approval by US and Dutch regulators.

The deal is expected to be finalised later this year.

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