Top five franchise in the U.S. credit card market, with a sizable core deposit platform Enhanced geographic and asset diversification as a result of mergers and acquisitions Strengthening credit quality Improving funding costs Integration risk mainly related to the ING Direct acquisition, and less so with the HSBC U.S. credit card portfolio acquisition Limited organic growth opportunities Standard&Poor's Ratings Services' outlook on Capital One Financial Corp. and its operating company, Capital One Bank, is negative. The negative outlook reflects the company's integration risk associated with its acquisitions of ING Direct and HSBC's card portfolio. In our opinion, the ING Direct acquisition represents the greater challenge of the two because we believe direct-to-consumer deposit customers are more extricable from
