Capital One Has 21% Upside Off ING Deal: Citigroup (Update 1)

NEW YORK (TheStreet) Citigroup analyst Donald Fandetti says that Capital One (COF_) will see "~16% earnings accretion" from its pending acquisitions of ING Direct (USA) and HSBC's (HBC_) U.S. credit card portfolio.

The Federal Reserve late Tuesday approved Capital One's purchase of ING Direct from ING Groep (ING_) for roughly $9 billion in cash and stock, and Capital One said the merger would be completed "within the next few days."

Capital One's shares were up over 3% in early afternoon trading on Wednesday, to $49.42.

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