On 17 February 2012 ING announced the closing of the sale of ING Direct USA to Capital One Financial Corporation for a total consideration of c. $ 9.0bn (or approximately € 6.9bn), including $ 6.3bn in cash and $ 2.7bn in the form of 54.0 million shares in Capital One, based on the share price of $ 49.29 at closing on 16 February 2012. These shares represented a 9.7% stake in Capital One at closing.Today, ING announced the sale of its 54 million shares in Capital One Financial Corporation via an underwritten public offering. Financial details will be released after pricing of the transaction which is expected to take place prior to opening of the New York Stock Exchange on 5 September 2012. The transaction is expected to settle on 10 September 2012.Our View:Capital One Financial Corporation closed at 4 September 2012 with a share price of $ 56.49. With reference to the closing price at 17 February 2012 ($ 49.29) and in the absence of any discount, ING could make a capital gain on the transaction up to $ 389m. In our FY12E forecasts we pencilled in an amount of € 200m as we expect the placement to take place at a small discount to yesterday’s close.Conclusion:We maintain our Accumulate rating and € 9 target price.