UPDATE 1-Capital One's top shareholder ING to sell stake
Sept 4 (Reuters) - Capital One Financial Corp said its top stakeholder ING Bank NV intends to sell all of its stake in the company in a public offering.
The stake sale of about 54 million shares could be worth about $3 billion, based on the stock's Tuesday closing price of $56.49.
ING Investment Management, a unit of Netherlands-based ING Groep, had a 9.31 percent stake in Capital One as of June 30, according to Thomson Reuters data.
The offering comes just months after the lender won approval from the Federal Reserve to buy ING Groep's U.S. online banking unit in February.
Capital One agreed in June last year to buy ING Direct from the Dutch banking and insurance group for $8.9 billion in stock and cash.
The deal generated concern from consumer groups who argued it would create another "too big to fail" bank.
For ING, the sale was part of a restructuring forced by a 10 billion euro bailout received in 2008 at the height of the financial crisis.
BofA Merrill Lynch, Morgan Stanley and Citigroup will act as joint book-running managers for the secondary offering.
The offering follows $1.25 billion common stock sale by the lender in March to pay for a portion of its acquisition of HSBC's U.S. credit card business.
Capital One shares, which have risen about 10 percent in the last three months, were marginally down after the bell on Tuesday. The stock closed at $56.49 on the New York Stock Exchange.
- Thai PM calls snap election, protesters want power now |
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Venezuela's Maduro to raise pressure on business after local vote
- Singapore hit by rare outbreak of rioting, 27 arrested |