The FINANCIAL -- ING confirms today that the Board of Governors of the Federal Reserve System has approved the acquisition of ING Direct USA by Capital One from ING Group.

Approval from the FRB is required under the US Bank Holding Company Act. According to ING, his decision concludes the regulatory approval process, following earlier approvals from the Delaware Office of the State Bank Commissioner, the Office of the Comptroller of the Currency, the Dutch Central Bank and other regulators.

ING announced the sale of ING Direct USA to Capital One on 16 June 2011. The divestment is part of the restructuring plan ING filed with the European Commission in 2009 to obtain its approval for the State support ING received in the context of the financial crisis.

The transactions as announced on 16 June 2011 continue to be on track to close shortly.

Related Stories

• Margo Black to join Swiss Re as head of Latin American Reinsurance South, will be based in Brazil
• Alejandro Padilla to join Swiss Re as head of Latin American Reinsurance North
• ING reaction to announcement of European Commission