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Capital One Wins Bid For ING's US Online Bank - Sources

Wall Street Journal - Jun 16, 2011

)--ING Groep NV (ING, INGA.AE) decided to sell its U.S. online banking business to Capital One Financial Corp. (COF), according to people familiar with the matter.

The announcement of the deal, valued at $9 billion, will be soon. Capital One will pay $6.2 billion in cash and $2.8 billion in stock for ING Direct USA, which will give ING an about 10% ownership stake in the McLean, Va., bank, according to a person with direct knowledge of the matter.

Capital One will raise $2 billion in fresh capital before the deal closes, expected later this year, this person said.

Capital One is the ninth-largest bank in the U.S. by deposits, and adding ING Direct would make it No. 6, ahead of U.S. Bancorp (USB). Bank of America Corp. (BAC) is No. 1.

As Dow Jones previously reported, the bank has also made a complementary bid for HSBC Holdings PLC's (HBC, HSBA.LN 0005.HK) U.S. credit card business, according to people familiar with the matter. The bidding for HSBC's cards business is in the early stages. Capital One could fund the expanded card business with the ING deposits, allowing it to grow at a time when consumers are reluctant to take on new debt and the economy is sputtering.

Read Full Article from Wall Street Journal

- Posted: 2011-06-16 15:08:20

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