Wilmington's ING Direct sold to Cap One for $9 billion: report
Capital One seeks cheap financing by purchasing ING's branchless US bank
Virginia-based credit card lender Capital One Corp. has agreed to buy Wilmington-based ING Direct Bank for $9 billion, reports the Wall St Journal, and is also trying to buy HSBC's New Castle, Del.-based credit card operations.
ING Groep, the Belgian-Dutch banking conglomerate, agreed to sell the bank as part of a 2008 European bailout. Capital One and other bidders were attracted to ING's cheap $40 billion consumer and mortgage loan portfolio, and its $80 billion deposit base. ING employs around 1,000 in the Philadelphia area. Brief WSJ report here. Bloomberg says a deal is close.