Capital One aims at buying ING’s U.S. online bank

Capital One Financial Corporation plans to buy ING Groep NV’s US entity for $9 billion in a cash & stock deal. The deal will help Capital One to transform itself from credit card business and will help to jump two places to become 7th largest banks in terms of assets. This will help ING in repayment of the money, it owes to Dutch Government. Shares of Capital One was up 2.4% on the basis of this announcement.

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Capital One to buy ING’s U.S. online bank