Capital
One’s acquisition of the US arm of ING Direct will catapult the
former into the top five US banks by deposits, trailing only Bank
of America, Wells Fargo, JPMorgan Chase and Citigroup (see
table).
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At the end of the first quarter, Capital 0ne and ING
ranked eighth and 14th largest US bank by that
measure , with total US deposits of $124.4bn and
$81.6bn.
The consultants SNL, in
a note to clients, flagged-up the ING deal marking something of a
U-turn for Capital One.
On 2 June, Capital One
CEO Richard Fairbank, suggested the lender’s focus would turn to
asset purchases.” We don’t feel the need to go anywhere,” Fairbank
said June 2. “We really like the structure and positioning of where
we are.”
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