"In addition, the transaction today shows ING is taking decisive steps in the restructuring of ING Group and underlines our commitment to meet the requirements of the EC in a prudent yet decisive manner".Īfter this transaction, ING will focus on further building its ING Direct operations in Canada, Spain, Australia, France, Italy, Germany, the United Kingdom and Austria, none of which are impacted by today's announcement or the EC restructuring requirements. The diversified asset base of Capital One combined with the large deposit base and marketing strengths of ING Direct USA make an ideal combination for a strong future," said Jan Hommen, CEO of ING Group. It is with confidence that we are taking a stake in Capital One. "Although I regret that ING Direct USA will no longer be a part of ING, I am very pleased that we have found in Capital One a good home for our customers and employees who are very important to the continued success of the ING Direct USA business. The divestment is part of ING's restructuring plan which was filed with the European Commission in 2009 to obtain the Commission's approval for the support ING received from the Dutch State in the context of the financial crisis. Under the terms of the agreement, ING will receive USD 6.2 billion in cash and USD 2.8 billion in the form of 55.9 million shares in Capital One. ING announced today that it has reached an agreement to sell ING Direct USA for a total consideration of USD 9.0 billion (EUR 6.3 billion at current exchange rates) to Capital One Financial Corporation, a leading US-based financial holding company. ING and Dutch State to adjust Illiquid Assets Back-up Facility.ING to have 9.9% stake in Capital One after closing.Transaction expected to result in capital release at closing of USD 4.1 billion. ING to receive USD 6.2 billion in cash and USD 2.8 billion in shares of Capital One.Total proceeds of USD 9.0 billion in a combination of cash and shares.ING to sell ING Direct USA to Capital One ING to sell ING Direct USA to Capital One
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