Scotiabank buys ING Bank of Canada assets for C$3.1B

[albertGQ]

Some pretty big news in the banking world.

http://www.theglobeandmail.com/repor...40/?cmpid=rss1

Bank of Nova Scotia has agreed to buy ING Bank of Canada, the country’s eighth-largest bank, from its Dutch parent for $3.1-billion.
Scotiabank said it plans to keep the ING Direct brand.
Scotiabank said it will preserve the ING platform, which has eschewed branches and focused on Internet and telephone banking.

[kevman]

Hmmm... as an ING customer I hope I can start using Scotiabank ATM's for free along with the exchange network...

[bizaro86]

Interesting. That's about 5x more than they got when they sold their US division to Capital One. Canadians must have had a way bigger affinity to this service than Americans.

[megatron]

Wasn't ING Direct USA bought by Capital One this year as well?

Why are the Dutch parent selling off it's subsidiaries?

I hope the customer service, web presence, etc. stays the same (or improves).

[fundmark19]

From news article it appears nothing will change experience wise

[zuluking]

Originally Posted by fundmark19

From news article it appears nothing will change experience wise

That's what they said about eTrade, too!

[bizaro86]

Originally Posted by megatron

Wasn't ING Direct USA bought by Capital One this year as well?

Why are the Dutch parent selling off it's subsidiaries?

I hope the customer service, web presence, etc. stays the same (or improves).

They needed significant capital after the financial crisis.

[GoinAllTheWay]

Wow...and it wasn't that long ago that private Canadian Investors purchased the insurance arm of ING renaming it "Intact Insurance".

Wonder what's going on with ING.

[Ducay]

Hope they don't turn my unmortgage into a mortgage; then I'd have a ton debt......or not

[Malkin Cookies]

Originally Posted by megatron

Wasn't ING Direct USA bought by Capital One this year as well?

Why are the Dutch parent selling off it's subsidiaries?

I hope the customer service, web presence, etc. stays the same (or improves).

In simple terms, the Dutch government wanted them to split their investment and banking operations as it creates a conflict of interest and a multitude of other regulatory issues.

Great move by Scotia.

[bluejays]

Well, I think with Basel 3 coming into place, this is a solid move to instantly increase their customer base, which allows flexibility to lend a little easier. They are by nature a conservative bank, so this helps towards easing that.

[shermanator]

I hope this means their mortgage rates stay low...!

[Bertuzzied]

As a former scotiabank employee, thoughts and prayers for you ING customers. They are truly the worst major bank in Canada no matter what Jarome Iginla says.