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Wednesday, June 8, 2011

KKR eyeing minority stake in ING Direct -source, (NYSE: KKR), (ING), (NYSE: GE), (NYSE: COF)

Private equity giant KKR & Co (KKR.N) is eyeing a minority stake in ING Groep's (ING.AS) U.S. online bank, ING Direct USA, a source familiar with the situation said on Wednesday. General Electric Co's (GE.N) GE Capital and Capital One Financial Corp (COF.N) have separately submitted offers for the bank, according to Bloomberg. ING was forced to split its insurance and bank operations and agreed to divest ING Direct USA by 2013 to obtain European Commission approval for 10 billion euros of Dutch state aid received in 2008 during the financial crisis. Proceeds from the sale would be used to repay the state.

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