Capital One Showing Interest In Buying ING Direct

Reuters is reporting that Capital One is one of the firms that has expressed interest in buying ING Direct USA from ING.

ING first announced plans to divest ING Direct USA in October 2009. As I described in my 2009 blog post, this was part of European Union's requirements after ING received bailout funds during the 2008 financial crisis.

There have been other reports that Citigroup was also on this list of potential buyers. Capital One would be better that Citi, but I think the best outcome would be if ING spins ING Direct USA off as a separate company.

According to this 6/14 Wall Street Journal article, ING's board is expected to decide on Wednesday on a buyer for ING Direct.

Capital One appears to be the lead contender over GE.

I'm still hoping they pick GE. That should ensure both ING Direct and Capital One Direct Banking continue as separate and competitive internet banks.