Capital One to Buy ING Direct USA

RICHMOND, VA (WWBT) - ING is based in Amsterdam and received government bailouts from the European Union.

To get that money, the company had to sell its U.S. unit.

Once the deal is done, not only will the company become the fifth largest bank in the United States, it will be the biggest online bank.

Online is where ING Direct rules. It's the largest direct bank without branches in the nation.

All of its customers make their transactions on the Internet.

Once the deal is done, Capital One may open branches for ING customers.

It's too early to know if this deal will have an impact on Capital One's Richmond area operations.

The $9 billion deal is expected to close late this year or in early 2012.

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