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Capital One Buys ING Direct

Posted By Jim On 06/17/2011 @ 11:30 am In NEWS | 33 Comments

The news broke yesterday [3] that Capital One would be the happy recipient of the keys to a brand new ING Direct. Everyone knew that ING Direct was up for sale, the ING Groep was required to sell it, but no one was sure who would be the happy new owner. The acquisition puts Capital One in the lead as the largest online bank [4], mostly because ING Direct was absolutely enormous. The final price? Around $9 billion, in a mix of $6.2 billion cash and $2.8 billion stock.

We speculated as to what would happen when someone purchased ING Direct [5], though we were using Ally Bank as the acquirer (those were the rumors at the time). Since it was a friendly acquisition, rather than an FDIC chaperoned affair, mostly nothing would happen.

I’m eager to see what happens because I have an online account with both banks.

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[3] yesterday: http://www.bloomberg.com/news/2011-06-16/capital-one-to-buy-ing-s-u-s-online-bank-for-9-billion-in-cash-shares.html

[4] online bank: http://www.bargaineering.com/articles/top-5-online-banks-savings-or-checking-accounts.html

[5] what would happen when someone purchased ING Direct: http://www.bargaineering.com/articles/banks-eat-banks.html

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