Getting your player ready...
WASHINGTON — Capital One has won approval to acquire ING Direct for $9 billion, clearing the way for it to become the nation’s fifth-largest bank.
The Federal Reserve, which regulates bank holding companies, announced the unanimous vote Tuesday. It had delayed making an announcement Monday after a closed-door meeting on the matter.
In a brief statement, the Fed said it had given its approval after directing Capital One to upgrade its risk-management functions to reflect the bank’s new size and complexity.
Capital One, based in McLean, Va., had announced in June that it planned to buy the U.S. digital unit of the Netherlands-based company.
