Capital One agrees to buy US online branch of ING
ING Groep NV has agreed to sell its US online banking business to Capital One Financial for $9bn (£5.6bn), the company announced last night.
The Dutch banking and insurance conglomerate said in a statement that Capital One will pay $6.2bn in cash and $2.8bn in shares to buy ING Direct USA.
Capital One, ranked among the top 10 US banks by deposits, will own a 9.9 per cent stake, making it the largest single shareholder in the company.
ING said it will focus on further building its remaining ING direct operations in Canada, Australia and Europe.
Shares in ING NV, listed on the New York Stock Exchange, were up 0.09 per cent to $11.29 last night.