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GE, Capital One Bid for ING Direct USA: Report

NEW YORK ( TheStreet) -- General Electric (GE - Get Report) and Capital One Financial (COF - Get Report) submitted bids for ING's (ING - Get Report) U.S. online bank last week in a sale that may raise about $9 billion, Bloomberg reported, citing people with direct knowledge of the matter.

ING, the Dutch lender, could reach an agreement to sell ING Direct USA as soon as this month, Bloomberg reported.

GE made an all-cash bid for ING Direct USA, while Capital One's offer includes some stock, the people said.

ING Direct USA is the largest U.S. online bank with $81.6 billion of deposits.

"The process to prepare a divestment of ING Direct USA is continuing," Raymond Vermeulen, a spokesman for Amsterdam-based ING, told Bloomberg. He declined to comment on any potential bidders or the value.

ING agreed to sell ING Direct USA by 2013 to obtain European Commission approval for the €10 billion of aid received from the Dutch state in 2008 during the financial crisis.

Proceeds from the sale would be used to repay the state, Reuters reported.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

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