Capital One to Acquire ING to Create the Fifth Largest Bank

Capital One Financial Corporation has announced a definitive agreement under which it will acquire ING Direct from ING Groep by the end of 2011 in a stock and cash transaction valued at approximately $9 billion. Currently the eighth largest bank in the United States, based on deposits, Capital One's acquisition of ING Direct combines ING Direct's valuable national direct deposit franchise with Capital One's advantaged access to assets and local scale branch banking. When the deal closes, Capital One will become the fifth largest bank in the United States.