As a result, ING Direct customers will now gain access to Capital One’s ATM network across the country. The customers of ING Direct will continue to use all services that the company provides. After receiving a financial state aid of USD 13.13 million (EUR 10 billion) in 2008, ING Group was asked by the European Commission to sell its online banking unit.
Under the terms of the agreement with Capital One, the former paid USD 6.3 billion in cash and USD 2.7 billion in the form of 54 million Capital One shares to ING Group. The share offering gives ING Group a majority stake of 9.7 percent. Furthermore, with the addition of ING Direct’s deposits of about USD 83 billion as of December 31 2011, Capital One now has almost USD 200 billion as deposits.
Since 2005, Capital One has integrated three banks, namely the Hibernia Corporation in 2005, North Fork Bancorporation in 2006 and Chevy Chase Bank in 2009.
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