ING has decided to sell its stake in Capital One for approximately $3 billion, it has emerged.
This move forms part of the major Dutch banking group's efforts to get rid of many of its international assets in order to restructure its business in the wake of the global economic crisis, the Financial Times reports.
ING took on a stake of around 9.5 per cent in the US bank last year in a deal that involved it selling its ING Direct USA internet banking unit for a fee of $9 billion, but has now decided to exit this area of the American market.
The lender is looking to sell its entire stake in the group in an underwritten public offering, with its shares valued at about $55.55 each.
Last week (29 August), ING announced it had sold its Bank of Canada division to Scotiabank for a price of around $3.13 billion.
By Asim Shah