Capital One's shares rose 2.5% to close at $49.18. After the Federal Reserve approved the ING deal late Tuesday, Capital One said it expected to close the deal "within the next few days."

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The Federal reserve said that in approving the ING deal, it had also considered Capital One's subsequent agreement to purchase HSBC's ( HBC) $30 billion U.S. credit card portfolio, including Capital One's plan to issue common shares to partially fund the $2.6 billion purchase.

That sets the stage for approval of the HSBC card deal by the Office of the Comptroller of the Currency, which is the lead regulator for Capital One's main banking subsidiary, Capital One, NA.

Capital One's shares have now returned 16% year-to-date. The shares trade for 1.4 times tangible book value according to HighlineFI, and for eight times the consensus 2012 earnings estimate of $5.84, among analysts polled by Thomson Reuters.

Interested in more on Capital One? See TheStreet Ratings' report card for this stock.

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