Capital One CEO Richard Fairbank addressed concerns that the company may be overly acquisitive, saying at the Barclays Capital Global Financial Services Conference on Tuesday that "we have gotten to where we need to do in the credit card business," while gaining scale, through the HSBC card purchase "in private label partnerships, where there are really three large players. Now Capital One is one of them."
"So we are really at our destination in these two businesses and in a position to generate I think a lot of earnings," he said, adding that because of the ING Direct purchase, "we now have core deposits as a percentage of liabilities, we're at the absolute highest end of all regional banks and far ahead of the money center banks, so we're at an absolute destination there."
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