Capital One close to ING Direct deal?

Capital One Near Takeover of ING’s Online Bank


Capital One Financial Corp. (COF), this year’s top performer in the KBW Bank Index, is nearing a deal to buy ING Groep NV (INGA)’s U.S. online bank for about $9 billion in cash and stock, said people with knowledge of the matter.

The companies may reach an agreement for ING Direct USA as soon as today, said the people, who spoke on condition of anonymity because the negotiations are private. The talks may still fall apart, said the people, adding that General Electric Co. (GE) also made a bid. Capital One may raise $2 billion to complete the deal, one person said.

Comment: My office was in a ING building for a number of years (four different times ... two different buildings)

Update: WSJ says its a done deal

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