Capital One Financial Corp. is among banks bidding for ING Group NV’s online banking division, Bloomberg News and The Washington Business Journal report. ING’s retirement services division, based in Windsor, is not part of the deal.
McLean, Va.-based Capital One and Fairfield-based General Electric Co. were among companies submitting bids for ING Direct USA last week in a sale that could reach $9 billion, Bloomberg said, citing people with direct knowledge of the bidding. Capital One’s bid included cash and stock, while GE’s bid was an all-cash offer, it said.
Capital One vaulted to one of the largest branch banking institutions in the Washington area with its acquisition of Chevy Chase Bank. Acquiring ING Direct would give it the largest U.S. online bank, with $82 billion in deposits, The Washington Business Journal reports on its Web site.
Capital One’s own consumer banking division ended the first quarter with about $86 billion in deposits.
Amsterdam-based ING Group is divesting its U.S. online banking business as part of its agreement with European Union regulators for state aid.
