Capital One CEO says ING deal should be approved

Exterior of the Dutch bancassurer ING before the presentation of the company's 2010 annual results in Amsterdam February 16, 2011.

(Reuters) - Capital One Financial Corp (COF.N) Chief Executive does not expect the purchase of ING Groep NV's (ING.AS) U.S. online bank will be delayed by the Federal Reserve's scrutiny of the deal.

Richard Fairbank, speaking at the Barclays Capital financial services conference in New York, said the U.S. central bank's is scrutinizing $9 billion deal to buy ING Direct because it is the first large bank merger since the Dodd-Frank Financial reform overhaul in 2010.

But he believes the deal does not create enough systemic risk to warrant scrapping it.

"If you look at the criteria for systemic risk, the answer is no, no, no, no, no on the long-list of items," said Fairbank.

(Reporting by Joe Rauch; Editing by Derek Caney)