Capital One plans to offer $2 billion in stock to finance ING Direct acquisition
- July 13, 2011
McLean-based Capital One Financial Corp. plans to offer $2 billion of its common stock to finance its recently announced acquisition of ING Direct USA.
Capital One said last month that it would buy the online bank for the Dutch company ING Groep for $9 billion. That total includes $6.2 billion in cash and $2.8 billion in common stock.
Capital One announced the stock offering on the same day that it released its second-quarter earnings.
Profit for the three-month period ending June 30 jumped 50 percent to $911 million, or $1.97 per share, compared with $608 million, or $1.33 per share, a year ago.
Net interest income increased to $3.14 billion partly as the result of the company’s April acquisition of Kohl’s credit card portfolio.
Total loans increased 4 percent to $4.9 billion.