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    Capital One completes acquisition of ING Direct

    Associated Press – Fri, Feb 17, 2012

    McLEAN, Va. (AP) — Capital One Financial Corp. became the nation's sixth-biggest bank, as measured by deposits, on Friday by completing its acquisition of bank-by-mail leader ING Direct.

    Capital One paid about $8.96 billion, including $6.3 billion in cash and 54 million new shares, to ING Groep, the Dutch company that owned ING Direct. ING Groep now is Capitol One's biggest single shareholder.

    ING Direct was the nation's biggest bank doing business without retail branches. It serves customers online, by mail or over the phone.

    Capital One CEO and Chairman Richard Fairbank said the deal will boost his company's financial performance in the near term.

    "ING Direct brings the leading direct-banking franchise in the nation, over 7 million loyal customers who are early digital adopters, and national reach in banking with proven digital capabilities," Fairbank said in a statement.

    The transition will barely affect its customers, Capital One said. But ING Direct customers will gain free access to Capital One's network of ATMs.

    Capital One, based in McLean, Va., is best known for its credit-card business. Over the past several years, it expanded its retail business by acquiring about 1,000 bank branches. The bank had $128.2 billion in deposits before the deal.

    ING Direct, based in Wilmington, Del., had deposits totaling $83 billion as of Dec. 31.

    Now that the deal is complete, only five U.S. banks have more domestic deposits. They are Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc. and U.S. Bancorp.

    Capitol One previously ranked below two major regional banks; PNC Financial Services Group Inc. and Canada-based The Toronto-Dominion Bank, which owns TDBank.

    Capital One announced several leadership changes in connection with the acquisition:

    — ING Direct Chief Operating Officer Jim Kelly will lead the business and will report to Jonathan Witter, Capital One's president of Retail and Direct Banking.

    — ING Direct CEO Arkadi Kuhlmann will become an outside adviser to Capital One.

    Capital One shares lost 46 cents on Friday, closing at $48.83.

     

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