Capital One To Buy ING Direct USA
NEW YORK – Capital One Financial, the one-time credit card bank, said it has agreed to acquire the ING Direct USA, the provider of some of the highest CD rates online.
Under the terms of the agreement, Caital One will pay $9 billion, $6.2 billion in cash and $2.8 billion worth of Capital One stock.
Capital One says the deal will make it the fifth-largest depository on the country.
ING Direct USA will hold onto the company's "orange ball" branding and use the ING Direct trademark for a transitional year. The sale is part of ING's restructuring plan that was filed with the European Commission in 2009.
The deal will not impact ING's operations in other countries.