ING to Sell Its Stake in Capital One
Dutch financial services company ING is Capital One’s biggest stakeholder but will soon sell all of its 54 million shares.
These shares represent an estimated 9 percent of Capital One. The underwritten value of the public offering will be approximately $3 billion at current exchange rates.
The sale was ordered by the European Union as a condition of the bank’s government bailout during the financial crisis. The transaction is expected to go through on September 10.
ING received the shares in February as part of the sale of ING Direct USA to Capital One.