Scotiabank Purchases ING

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    Scotiabank will purchase ING Bank of Canada (ING DIRECT) from its Netherlands-based parent ING Group. With approximately $40 billion in assets, $30 billion in deposits, 1.8 million customers, and more than 1,100 employees, ING DIRECT is the eighth largest bank in Canada. It is a direct bank that serves customers online via contact centres and mobile devices and offers savings and chequing accounts, mortgages, and four mutual funds. It has five ING DIRECT Cafés and no physical branches. The ING DIRECT branding will be maintained and any future branding will reflect the type of experience that customers receive now. The acquisition is subject to regulatory approvals.