By Andrew R. Johnson
Capital One Financial Corp. (COF) said Monday it is moving more
than 550 employees to an office tower at 299 Park Avenue in New
York.
The McLean, Va., company, best known for its credit cards, will
begin taking over eight floors of the tower starting in the third
quarter of 2014, it said.
The move will consolidate several existing office locations
throughout New York City and include employees from the company's
commercial and retail banking units, human resources and corporate
finance.
"This move provides a unique opportunity to consolidate our New
York City office needs together with a ground floor retail presence
along with an ideal branding opportunity in the heart of midtown
Manhattan," Michael Slocum, president of commercial banking for
Capital One, said in a statement.
Capital One said it is also leasing retail space in the
building.
The tower is located near the headquarters of J.P. Morgan Chase
& Co. (JPM) at 270 Park Ave.
Capital One has expanded significantly through acquisitions in
the last two years, buying ING Direct, the U.S. online-banking
business of ING Groep N.V. (ING, INGA.AE), and the U.S. credit-card
business of HSBC Holdings PLC (HBC, HSBA.LN) last year.
Capital One's shares were down 0.3% at $68.75 in recent trading.
The shares are up more than 18% this year.
Write to Andrew R. Johnson at andrew.r.johnson@dowjones.com
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