ING Group's U.S. Online Bank up for Acquisition

General Electric and Capital One Financial have submitted bids to acquire ING Group's U.S. Online Bank, according to a report by Bloomberg News. The sale may raise as much as $9 billion, and an agreement may be reached as soon as this month. The online bank has significant assets, with $81.6 billion in deposits, $40.5 billion in mortgage loans, and $19.9 billion in mortgage-backed securities.

Key Takeaways:

• General Electric made an all-cash bid for ING Group's U.S. Online Bank, while Capital One's offer included stock.
• The online bank has substantial assets, with $81.6 billion in deposits, $40.5 billion in mortgage loans, and $19.9 billion in mortgage-backed securities.
• Other potential suitors, including Ally Financial, CIT Group, and SJB National Bank, have held talks with ING but have either ended or put talks on hold.
• The acquisition sale may raise as much as $9 billion.
• Capital One has a history of acquiring financial institutions, having made a bid for ING's U.S. online banking unit previously.
• General Electric has a diverse financial portfolio, including microfinance services and a growing presence in the emerging markets.

Statistics:

• $81.6 billion: The amount of deposits held by ING Group's U.S. Online Bank.
• $40.5 billion: The amount of mortgage loans held by ING Group's U.S. Online Bank.
• $19.9 billion: The amount of mortgage-backed securities held by ING Group's U.S. Online Bank.
• $9 billion: The estimated amount the sale of ING Group's U.S. Online Bank may raise.

Sources:

• Bloomberg News
• MarketNewsVideo.com via COMTEX
• Comtex SmarTrend Alert
• Comtex News Network, Inc.