Monday, March 21, 2011

GE (GE) Eyes ING's U.S. online Bank

A report from Bloomberg says General Electric (NYSE:GE) is taking a close look at ING Direct USA, the online banking arm of Dutch financial services company ING Groep NV (ING.AS), with the idea of acquiring the firm.

The strategy would be to merge GE Capital with ING Direct, according to an unnamed person close to the situation.

On ING's part, they're selling the American Online unit as part of a restructuring agreement with the European Commission after the company was bailed out in 2008.

General Electric closed Friday at $19.25, up $0.03, or 0.16 percent.

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