The Fed gives green light to the purchase of ING Direct USA by Capital One
Best Growth Stock – The U.S. Federal Reserve (central bank, Fed) gave “approval to the application” to buy ING Direct USA, a subsidiary of online bank ING Dutch bank insurer, by the U.S. bank Capital One
In return, the Fed ordered Capital One “take specific steps to ensure that their risk management functions, particularly those related to compliance with regulations, are tailored to its new size and complexity,” the direction central bank in a statement.
The purchase was announced in June at a price of 9,000 million dollars, which is one of the most important operations of merger and acquisition in banking since the crisis.
At closing, “Capital One will become the fifth largest institution in the amount of their deposits in the U.S. and the largest bank online” in the country, Capital One said at the time.
Category: Business News
