UPDATE: Fed: To Decide On Capital One Plan To Buy ING 'Soon'
14 February 2012 - 9:38AM
Dow Jones News
The Federal Reserve Board Monday considered Capital One
Financial Corp.'s $9 billion plan to buy ING Direct USA from ING
Groep NV (ING, INGA.AE) but the central bank isn't ready to issue a
decision just yet, according to an agency spokesperson.
"The board considered the application at its meeting this
afternoon and expects to issue a decision soon," said the
spokesperson in a statement late Monday. "No further announcement
is expected today."
Consumer groups have opposed the plan, arguing that it would
create a giant company that could put the health of the U.S.
financial system at risk. But industry analysts have been expecting
the Fed to approve the McLean, Va.-based bank's proposal to buy the
Internet bank.
A decision was initially expected last week, but the meeting was
postponed until Monday. It's unclear now when the Fed will issue a
decision.
-By Maya Jackson Randall, Dow Jones Newswires; 202-862-6687,
maya.jackson-randall@dowjones.com
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