This story didn’t make front page headlines in the financial media but behind the scenes, a battle took place with Capital One emerging as the winner.
Capital One, well known for their “what’s in your wallet” commercials agreed to purchase ING Direct USA for $9 billion paving the way for Capital One to become the 5th largest bank in the United States based on total deposits.
This acquisition faced tougher than expected scrutiny by Federal Regulators although they recently approved the deal.
By banking standards, this was not a large deal so why did it face such tough headwinds? Continue Reading