• Login
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
Time of Pakistan
No Result
View All Result
Home Business Banking & Finance

Capital One to buy ING online bank

ToP by ToP
June 17, 2011
in Banking & Finance
0
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

Capital One says it plans to buy the US internet banking arm of ING in a move that will make it the seventh largest US bank by assets.Capital One, best known for its credit cards, will pay $9bn (£5.5bn) in cash and shares – $6.2bn of that in cash.The deal will also leave the Dutch banking and insurance giant with a 9.9% stake in Capital.The move is the latest step in Capital One’s plan to branch out from its credit card lending roots.It will raise $2bn in new capital and $3.7bn in new debt in order to finance the transaction.ING received a 10bn euro (£8.8bn, $14.3bn) bailout from the Dutch government in 2008.That was followed by a restructuring plan in 2009 agreed between the European Commission and ING.One condition of that was that it sell the US internet banking division.ING Direct launched in the United States in 2000 and is now the largest online bank in the country with 7.7 million customers.The sale will not affect ING’s internet banking businesses in any of the other countries where it operates.Capital One said it expects to realize “modest” cost-savings of $90m from the deal, and funding savings of $200 million annually. – BBC

Previous Post

China sends patrol ship into disputed South China Sea

Next Post

Brain surgeons delve into world of Asterix and Obelix

ToP

ToP

Related Posts

COVID-19: Pakistan, World Bank in Talks for $200 Million Loan
Banking & Finance

COVID-19: Pakistan, World Bank in Talks for $200 Million Loan

by Jameel Ahmad
March 18, 2020
‘Biggest-Ever’ Fraud Detected in National Savings Schemes
Banking & Finance

‘Biggest-Ever’ Fraud Detected in National Savings Schemes

by Jameel Ahmad
November 5, 2018
Bank Alfalah Posts Impressive Results for the Half Year
Banking & Finance

Bank Alfalah Posts Impressive Results for the Half Year

by Jameel Ahmad
August 28, 2018
Systems Limited
Banking & Finance

Systems Limited Completes Central Depository Company of Pakistan Project

by ToP
December 30, 2015
State bank of pakistan reserves
Banking & Finance

Pakistan forex reserves fall to $7.589bn

by sohail
February 15, 2014
Pakistan, India may allow bank branches
Banking & Finance

Pakistan, India May Allow Bank Branches

by ToP
January 20, 2014
Roundtable conference Dar for further Islamisation of banking,
Banking & Finance

Roundtable Conference :Dar For Further Islamisation of Banking, Finance

by ToP
January 16, 2014
Next Post
Brain surgeons delve into world of Asterix and Obelix

Brain surgeons delve into world of Asterix and Obelix

Popular Stories

  • Farhan Ali Qadri

    Naat Khawan ‘Farhan Ali Qadri’ Arrested

    0 shares
    Share 0 Tweet 0
Time of Pakistan

About Times Of Pakistan

kralbetbetturkeyikimislibahis1xbetm.infohipas.infohttps://www.wiibet.com/restbetcdn.com

Other Categories

  • Beautiful Pakistan
  • Fashion News
  • Funny News
  • Viral Videos
  • Weird News

Recent Posts

  • 11th J.A. Zaman Memorial Open – Powered by Gem Golfers
  • Imran Khan and Bushra Bibi Sentenced to Jail in £190 Million Case
  • World’s Largest Submarine Cable Arrives in Pakistan: Could This End Internet Woes?

Times Of Pakistan © 2024. Design & Developed by E2E Solution Providers.

No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In