As part of the deal, ING is expected to receive a 9.9 percent stake in Capital One and the right to name a director to the US banks board. According to the source, the US bank is set to raise 2 billion in new capital, as well as offer debt of about USD 3.7 billion to help finance the deal, which is expected to close by the end of 2011.
Moreover, the source indicates that Capital One expects to realize cost-savings of USD 90 million from the deal and funding savings of USD 200 million annually.
Capital One currently counts USD 199.3 billion of assets.On 15 June 2011 , ING was reportedly expected to decide on a buyer for its US online banking unit. ING is under European Union orders to sell the US bank by the end of 2013.
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