Capital One Financial plans to buy ING Groep NV’s United States online bank for $9 billion (€6.3 billion) in cash and stock, freeing the Dutch bank to repay bailout funds and sever its state ties.

ING is in the throes of a wrenching restructuring, forced on it as a condition of a €10 billion state bailout during the 2008 financial crisis. The European Commission and ING agreed on a restructuring plan in late 2009, the most surprising part of which was a mandate that ING sell its US online banking operations.

Following the acquisition, Capital One, which is best known for its credit card unit, will leapfrog two places up the rankings of the largest US banks to become the seventh-largest bank by assets.