Fed Approves Capital One Acquisition Of ING Direct


Salon Staff
February 15, 2012 3:54AM (UTC)

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.

Advertisement:

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.


Salon Staff

MORE FROM Salon Staff

BROWSE SALON.COM
COMPLETELY AD FREE,
FOR THE NEXT HOUR

Read Now, Pay Later - no upfront
registration for 1-Hour Access

Click Here
7-Day Access and Monthly
Subscriptions also available
No tracking or personal data collection
beyond name and email address

•••


Fearless journalism
in your inbox every day

Sign up for our free newsletter

• • •