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The Gap Partnership

Business negotiation news: Capital One buys ING Direct

The deal will be worth some $9 billion.

17 June 2011

International business negotiations have resulted in Capital One completing a $9 billion (£5.6 million) takeover of ING Direct.

Once the agreement has been concluded, the former organisation will become the fifth-largest depository institution in the US.

In order to finish the deal, some negotiation skill may have been shown by both parties.

Richard Fairbank, chairman and chief executive officer of Capital One, said: "The acquisition of ING Direct is a game-changing transaction that delivers attractive deal economics immediately and compelling long-term strategic value."

He added that the result of the deal will be a "unique and valuable banking franchise".

A new management structure will be developed by the two groups as they look for the smoothest possible integration.

Mr Fairbank continued by saying that he has a lot of respect for ING Direct, labelling it a "tremendous franchise".

Capital One recently picked up the JD Power and Associates distinction for providing outstanding customer service for a third year in a row.
 

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