Capital One Financial will acquire ING Direct, the online banking unit of Dutch financial institution ING Group, in a $9 billion cash and stock deal.
Capital One, the eighth largest bank in the United States based on deposits, will purchase ING Direct for $6.2 billion in cash and approximately 56 million Capital One shares, valued at $2.8 billion. With a 9.9 percent stake in Capital One, ING will become the largest single shareholder of the company known for its credit card commercials that ask “What’s in your wallet?”
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