ING to sell ING Canada to Scotiabank

[tpurcell4]

ING has just released word that they have reached an agreement to Sell the very profitable ING Direct Canada to Scotiabank for $3.126 Billion.

Although details are still not fully disclosed, it sounds like ING will continue to operate as a separate entity and will be business as usual.

Official Announcement from Scotia (http://www.scotiabank.com/ca/en/0,,5504,00.html)

Official Announcement from ING (http://www.ingdirect.ca/announcement/)

Full Article in Toronto Sun (http://www.torontosun.com/2012/08/29/scotiabank-buys-ing-direct-canada-for-31b)

Full Aritcle in Vancouver Sun (http://www.vancouversun.com/business/Scotiabank+Bank+Canada+billion+cash/7163935/story.html)

Full Article in "The Star" (http://www.thestar.com/business/article/1248834--scotiabank-to-buy-ing-bank-of-canada-for-3-13-billion)

Full Article in Financial Post (http://business.financialpost.com/2012/08/29/scotiabank-snaps-up-upstart-ing-bank-of-canada-for-3-1-billion/)

Full Article from CBC (http://www.cbc.ca/news/business/story/2012/08/29/scotiabank-ing-bank.html)

Full Article from Globe and Mail (http://www.theglobeandmail.com/globe-investor/scotiabank-to-buy-ing-direct-for-31-billion/article4508240/)

Cheers,

Todd Purcell

[Mibz]

As long as nothing changes, great. I'll save my money and be richer than I think.

[skandalouz_08]

I saw when this was announced yesterday and for anyone in the banking sector and customer's alike it's good news that Scotia won't be changing ING's model and things will continue as normal...for now.

[thetransporter]

does this mean we soon use soctia banks all ovr the city now at 711?


The only thing I didnt like about ING - "pre approved" for mortgage than they change their mind after 2 creidt inquiries without telling me their reason .. No better than HSBC.

[flipstah]

Originally posted by Mibz
As long as nothing changes, great. I'll save my money and be richer than I think.

:rofl: nice.

[jwslam]

Can ING DIRECT customers access their accounts through Scotiabank's ABM network without additional fees?

Not initially. The two organizations will remain separate and distinct although ABM access is something we will explore over time.
LAME.

[Zewind]

Was disappointed the company I work for didnt purchase them.

[skandalouz_08]

Originally posted by jwslam

LAME.

There is still so much red tape for the sale to go through before they even start looking at integration such as ABM's. Give it time, it will happen probably within the year.

[dawerks]

Good pickup for Scotia. Nothing will change except the name 'ING' doesn't go along with the deal.

[jwslam]

This sounds awful
http://www.tangerine.ca/index.html
http://wpmedia.business.financialpost.com/2013/11/1105tangerine.jpg?w=620

http://www.thestar.com/business/personal_finance/2013/11/05/ing_direct_renames_itself_tangerine.html


ING Direct Canada is renaming itself Tangerine, a brand that it says reflects its image as an edgy, innovative bank.

The country’s largest online-only bank is required to change its name under the terms of its sale to the Bank of Nova Scotia in September, 2012.

The rebranding – including new signage and promotional materials – won’t take place until spring 2014, the company said Tuesday.

But the company said it decided to announce the name change as soon as it was chosen.

“We wanted to capture a few things that are really important to us,” Peter Aceto, chief executive officer of ING Direct Canada, said in a telephone interview.

“We’ve been in Canada 16 years. We have almost 2 million customers. We’ve built a reputation. We wanted our name to reflect who we are,” Aceto added.

“We also wanted to do something else. As more and more Canadians are interested in doing business with a bank that doesn’t have branches, we wanted a name that speaks to the future,” Aceto said.

ING’s brand colour is already orange. But the name Orange may have caused trademark problems, Aceto said.

Orange is a major mobile phone brand name in Europe, for example.

The word Tangerine works both in English and French, Canada’s two official languages, the company noted.

Along with the rebranding the company plans to launch some new products and services, Aceto said, including a credit card and access to the Bank of Nova Scotia’s automated banking machines

The latter would be a game changer for ING, which currently has just 25 banking machines across Canada. Bank of Nova Scotia has just over 3,500 bank machines in Canada and another 4,500 in other countries.

Current customers can access their funds through other automated teller machines, for free if the machines is part of The Exchange Network, or transfer the funds to another bank, or use their debit card at a point of sale.
etc