Fed Approves Capital One Acquisition of ING Direct
WASHINGTON (AP) - Capital One has won approval to acquire ING Direct for $9 billion, clearing the way for it to become the nation's fifth-largest bank.
The Federal Reserve, which regulates bank holding companies, announced the unanimous vote on Tuesday. It had delayed making an announcement on Monday after a closed-door meeting on the matter.
In a brief statement, the Fed said it had given its approval after directing Capital One to upgrade its risk-management functions to reflect the bank's new size and complexity.
A Capital One spokesperson sent WJON News the following statement on the merger: ….."We've just received approval for the acquisition of ING Direct and are in the early stages of integration. We value ING Direct's business model and the talent they bring to our team. Any changes will be approached thoughtfully and carefully."
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