Capital One Financial Corp announced its plan to purchase ING Groep NV's U.S. online bank for $9 billion in cash and stock. Capital One will pay $6.2 billion in cash and $2.8 billion in stock.

That will help ING, a Dutch banking and insurance conglomerate in the middle of a breakup, repay the remainder of the money it owes to the Dutch government for a 2008 bailout. The company also will receive a 9.9 percent stake in Capital One as part of the deal and will have the right to name a director to the U.S. bank's board.

"Capital One is picking up market share at what they feel are reasonable rates," said Matt McCormick, portfolio manager with Bahl & Gaynor investment Counsel. "They're thinking that now's the time to pick up market share by acquisition. It's a risk, but it's a calculated risk."