Updated with early afternoon market action.
NEW YORK ( TheStreet) Citigroup analyst Donald Fandetti says that Capital One (COF) will see "~16% earnings accretion" from its pending acquisitions of ING Direct (USA) and HSBC's (HBC) U.S. credit card portfolio.
The Federal Reserve late Tuesday approved Capital One's purchase of ING Direct from ING Groep (ING) for roughly $9 billion in cash and stock, and Capital One said the merger would be completed "within the next few days."
Capital One's shares were up over 3% in early afternoon trading on Wednesday, to $49.42.
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