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ING Groep N.V. Message Board

  • jpomper jpomper Feb 8, 2012 7:03 AM Flag

    FED decision today on ING/COF

    Fed to review Capital One bid for ING Wednesday

    * Says "final announcement" will follow meeting.

    * Capital One looks to acquire ING, HSBC units 1st half 2012

    By Alexandra Alper

    WASHINGTON, Feb 6 (Reuters) - The Federal Reserve will meet on Wednesday to consider Capital One Financial Corp's bid to acquire ING Groep NV's U.S. online banking unit, a deal criticized by some consumer groups.

    Capital One announced plans last year to buy online deposit-taker ING Direct for $8.9 billion in the biggest U.S. bank acquisition since Congress passed the Dodd-Frank financial oversight law in July 2010.

    The deal has generated concern from consumer groups who have argued it would create another "too big to fail" bank, even as regulators try to create a financial system less likely to need taxpayer bailouts in response to the 2007-2009 crisis.

    The Federal Reserve said in a posting on its website on Monday that it would consider the merger application on Wednesday and that a "final announcement" would follow the closed meeting

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