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.
via BBC News – Capital One to buy ING online bank. I’m a huge fan of ING Direct, been using them for years so I hope this doesn’t hurt them in any way.