ING Completes Sale Of ING Direct USA To Capital One

Dutch financial services firm ING Group NV (ING) said Friday it has completed the sale of ING Direct USA to Capital One Financial Corp (COF) as announced on 16 June 2011.

MAIN FACTS

- Total proceeds of the transaction are approximately $9.0 billion (or approximately EUR6.9 billion), including $6.3 billion in cash and $2.7 billion in the form of 54.0 million shares in Capital One, based on the share price of $49.29 at closing on 16 February 2012.

- These shares represent a 9.7% stake in Capital One at closing.

- The transaction has resulted in a positive result after tax of approximately EUR0.5 billion.

- The sale has a positive impact on ING Bank's core Tier 1 ratio of approximately 80 basis points, leading to a pro-forma core Tier 1 ratio of 10.4% at closing, based on core Tier 1 of 9.6% per 31 December 2011.

- In connection with the divestment of ING Direct USA, ING also completed the adjustment of the agreement with the Dutch State concerning the structure of the Illiquid Assets Back up Facility which was also announced on 16 June 2011.

- By Amsterdam Bureau, Dow Jones Newswires; [e-mail]