• July 7, 2011

ING Group has agreed to sell ING Direct USA as part of a restructuring agreement with the European Commission, according to an email ING Direct's CEO sent to customers July 7.

On June 16, ING Group reached an agreement to sell ING Direct USA to Capital One Financial. It is expected that the sale transaction will close by year-end or early in the first quarter of 2012, according to the email.

Capital One will be able to accelerate the introduction of new financial services to help consumers plan for personal and small business finances today and in the future, according to Arkadi Kuhlmann, ING Direct's CEO. The new combination of Capital One and ING Direct USA promises to deliver the same excellent service and value to which you have been accustomed, Kuhlmann writes.--Tanya Irwin