Fed: Will Release Decision On Capital One Plan To Buy ING 'Soon'
February 13 2012 - 5:14PM
Dow Jones News
The Federal Reserve Board Monday considered Capital One's $9
billion plan to buy ING Direct USA and expects to release a
decision shortly, according to an agency spokesperson.
Fed officials held a much-anticipated meeting this afternoon on
the McLean, Va.-based bank's controversial proposal.
Consumer groups have opposed the plan, arguing that it would
create a giant firm that could put the health of the U.S. financial
system at risk. But industry analysts expect the Fed to approve the
proposal.
"The board considered the application at its meeting this
afternoon and expects to issue a decision soon," said the
spokesperson in a statement. "No further announcement is expected
today."
A decision was initially expected last week, but the meeting was
postponed until today.
-By Maya Jackson Randall, Dow Jones Newswires; 202-862-6687, maya.jackson-randall@dowjones.com
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