Deals
Capital One’s $9 Billion ING Direct Deal Is Approved by Fed
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Capital One Financial Corp.’s planned purchase of ING Groep NV’s U.S. online bank won approval from the Federal Reserve, clearing the way for the credit-card lender to add about $80 billion in deposits.
“The board’s action directed Capital One to take specific steps to ensure that its risk-management functions, including compliance, are commensurate with its new size and complexity,” the Fed said yesterday in a statement.