Economics
Capital One to Buy ING’s Online U.S. Bank for $9 Billion
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Capital One Financial Corp., the credit-card lender that expanded into branch banking, agreed to buy ING Groep NV’s U.S. online bank for $9 billion to gain deposits and access to 7 million customers.
Capital One, this year’s top performer in the KBW Bank Index, will pay $6.2 billion in cash and $2.8 billion in stock, giving ING a 9.9 percent stake, the companies said yesterday. The deal would make McLean, Virginia-based Capital One the sixth-largest U.S. lender by deposits, up from seventh, and marks the nation’s biggest bank takeover since 2008.