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ING to sell Capital One stake

Dutch bank ING has announced that it is to sell its 54 million shares in US-based financial holding company Capital One Financial Corporation in an underwritten public offering, for a total value of roughly US$3bn (equating to around €2.4bn).

The transaction is expected to settle on 10 September, with BofA Merrill Lynch, Morgan Stanley and Citigroup Global Markets Inc. acting as joint book-running managers.

The shares were acquired by ING in February of this year following the sale of ING Direct USA to Capital One, and the transaction is expected to lead to an after-tax gain of €0.3bn for ING and a capital release of €1bn.

In addition, the transaction is expected to enhance the firm’s capital position, bolstering the core Tier 1 ratio by approximately 35 basis points.

The announcement follows that made last month of the sale of ING Direct Canada to Scotiabank, in a move worth around €2.5bn.

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