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We are committed to sustaining and enhancing the great customer relationships that have been central to the success of both banks.” “Its innovative platform and customer-focus are well aligned with Capital One’s own vision. “ING Direct is a tremendous franchise,” Fairbank added. Integration costs in connection with the acquisition. The company will incur $210 million of merger and Beyond these amounts, there are potential additional synergies fromĬross-selling the ShareBuilder online brokerage products to Capital One customers and select Capital One products to ING Direct customers, and from balance sheet repositioning opportunities. In addition to these cost synergies, Capital One expects to achieve funding savings of $200 million annually from optimizing management of the combined deposit portfolio. In connection with the transaction, Capital One expects to realize $90 million from consolidating systems, platforms and corporate staffįunctions. To establish a management structure designed to ensure that the combined company achieves the highest quality integration and has the best leadership in place to build on ING Direct’s great customer franchise. Including growth, returns and capital generation.”Ĭapital One will work closely with ING Direct’s leadership team Adding ING Direct enhances and sustains key sources of shareholder value over the long-term, “The combination of Capital One and ING Direct creates a unique and valuable banking franchise that includes advantaged access toĪssets, great local scale branch banking in attractive markets, and with ING Direct, the leading direct bank customer franchise with national reach. Fairbank, Chairman and Chief Executive Officer of Capital One. Long-term strategic value,” said Richard D. “The acquisition of ING Direct is a game-changing transaction that delivers attractive deal economics immediately and compelling Portion of the consideration, in part, through a public equity raise of approximately $2 billion and debt offerings of approximately $3.7 billion prior to the close of the transaction. Capital One expects this transaction will be accretive to tangible book value atĬlosing, accretive to EPS in 2012 and result in mid-single digit accretion in 2013. Share price of $50.07, the 10-day average of Capital One closing prices for the period ending June 15, 2011.

Under the agreement, Capital One will purchase ING Direct from ING Groep for $6.2 billion in cash and approximately 55.9 millionĬapital One shares, valued at $2.8 billion, based on a Capital One Upon closing, Capital One will become the 5 th largest depository institution and the leading direct bank in the United States. The combination strengthens Capital One’s customer franchise and brand and provides significantįinancial and strategic upside with low execution risk. Currently the 8 th largest bank in the United States, based on deposits, Capital One’s acquisition of ING Direct combines INGĭirect’s valuable national direct deposit franchise with Capital One’s advantaged access to assets and local scale branch banking. Under which Capital One will acquire ING Direct from ING Groep in a stock and cash transaction valued at $9.0 billion. MCLEAN, Va., June 16, 2011 – Capital One Financial Corporation (NYSE: COF) announced today a definitive agreement Note: Analyst conference call and webcast scheduled for Thursday, June 16 at 5:15 pm EDT, details at the end of this release. Immediately accretive to EPS and tangible book value per shareĪbove-hurdle returns on invested capital in 2013 and beyondĪccretive to long term growth, returns and capital generation

Industry-leading direct banking franchise with national reachĪdds 7 million young, high-income, loyal customers Capital One to Acquire ING Direct for $9.0 Billion in Stock and CashĬombination Delivers Attractive Financial Results and Long-Term Strategic Value