Fed Approves Capital One Acquisition Of ING Direct

Published February 14, 2012 10:54PM (EST)

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.

By Salon Staff

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