Capital One to buy ING online bank
Originally posted by 5corpio
Capital One says it plans to buy the US internet banking arm of ING in a move that will make it the seventh largest US bank by assets.

Capital One, best known for its credit cards, will pay $9bn (£5.5bn) in cash and shares - $6.2bn of that in cash. The deal will also leave the Dutch banking and insurance giant with a 9.9% stake in Capital. The move is the latest step in Capital One's plan to branch out from its credit card lending roots.

It will raise $2bn in new capital and $3.7bn in new debt in order to finance the transaction. ING received a 10bn euro (£8.8bn, $14.3bn) bailout from the Dutch government in 2008. That was followed by a restructuring plan in 2009 agreed between the European Commission and............Click HERE to read more on story