6:04 AM GE and Capital One Acquisition of ING USA | |
|
Source Bloomberg called the end of this month received permission to sell ING Direct USA. It said that GE would pay with cash, Capital One, with some of its shares. ING is a financial company with the largest income in the world. In 2009, ING Group serves 85 million private customers, corporations, and institutions in over 40 countries with a workforce of more than 100,000 people. The company operates in countries including Holland, Australia, Canada, France, India, Italy, Spain, Poland, Britain, Turkey and the United States. ING was forced to split the insurance and bank operations and approved the divestment of ING Direct USA in 2013. This was done as a requirement of the European Commission over 10 billion euros to help the Dutch government during the crisis of 2008. Results from the sale will be used to pay the national debt. A spokesman for ING in Amsterdam refused to comment on whether GE and Capital One have submitted bids. "I can confirm that the process for preparing the sale of ING Direct USA is underway," said a spokesman for ING Group, Raymond Vermeulen, yesterday in Amsterdam. Dutch pay nearly 40 billion euros to rescue domestic financial sector in the year 2008. At that time the government must nationalize the ABN AMRO (ABNNV.UL) and give an injection of capital to AEGON (AEGN.AS) and SNS Reaal (SR.AS) and ING. ING has announced several divestments and has paid back a portion of state aid. They promised would pay for the remaining 3 billion euros in May 2012. GE sought to avoid the acquisition of some assets ING Direct mortgage. Unit GE Capital, which issues bonds to fund services such as loan and leasing credit card, can reduce dependence on debt markets with the acquisition of THIS. Deposits GE Capital in the two banks rose to $ 39.4 billion at March 31, and from U.S. $ 9.8 billion in 2006. The Federal Reserve plans to begin setting up GE Capital later this year. If successful, Capital One bid will position ING as one of the largest credit card holder. Meanwhile, the status of Capital One as the bank is expected to be easier to win approval for the deal from the authorities, the United States | |
|
| |
| Total comments: 0 | |