Fed Sets Meetings On Capital One's Plan To Buy ING Direct USA
August 26 2011 - 5:29PM
Dow Jones News
The U.S. Federal Reserve said Friday that it will hold three
public meetings on Capital One Financial Corp.'s (COF) plan to buy
ING Groep NV's (ING, INGA.AE) U.S. online-banking business, ING
Direct USA.
In addition, the Fed said it has extended the period for public
comment on the proposal through Wednesday, Oct. 12.
The three meetings, set to help the Fed collect more information
on the proposal, will be held in Washington, D.C., Chicago, and San
Francisco.
The Fed, in a notice late Friday, said it wants to understand
whether the acquisition will produce benefits to the public such as
increased competition. It said it also wants to weigh any benefits
against any possible adverse effects, such as unsound banking
practices or risk to the U.S. financial system.
The Washington, D.C., meeting will be held Tuesday, Sept. 20.
The Chicago meeting is set for Tuesday, Sept. 27, and the San
Francisco meeting is slated for Wednesday, Oct. 5.
"The Federal Reserve's review also includes an evaluation of the
financial and managerial resources of the acquiring firm," the Fed
said.
-By Maya Jackson Randall, Dow Jones Newswires; 202-862-6687,
maya.jackson-randall@dowjones.com
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