ING Completes Sale Of ING Direct USA To Capital One
February 17 2012 - 10:26AM
Dow Jones News
Dutch financial services firm ING Group NV (ING) said Friday it
has completed the sale of ING Direct USA to Capital One Financial
Corp (COF) as announced on 16 June 2011.
MAIN FACTS
- Total proceeds of the transaction are approximately $9.0
billion (or approximately EUR6.9 billion), including $6.3 billion
in cash and $2.7 billion in the form of 54.0 million shares in
Capital One, based on the share price of $49.29 at closing on 16
February 2012.
- These shares represent a 9.7% stake in Capital One at
closing.
- The transaction has resulted in a positive result after tax of
approximately EUR0.5 billion.
- The sale has a positive impact on ING Bank's core Tier 1 ratio
of approximately 80 basis points, leading to a pro-forma core Tier
1 ratio of 10.4% at closing, based on core Tier 1 of 9.6% per 31
December 2011.
- In connection with the divestment of ING Direct USA, ING also
completed the adjustment of the agreement with the Dutch State
concerning the structure of the Illiquid Assets Back up Facility
which was also announced on 16 June 2011.
- By Amsterdam Bureau, Dow Jones Newswires;
amsterdam@dowjones.com
Capital One Financial (NYSE:COF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Capital One Financial (NYSE:COF)
Historical Stock Chart
From Jul 2023 to Jul 2024