Scotiabank announced today that it has completed its acquisition of ING DIRECT Canada from its Netherlands-based parent ING Group, having received all required regulatory approvals.
"I am very pleased to announce the completion of Scotiabank's acquisition of ING DIRECT Canada," said Anatol von Hahn, Scotiabank Group Head, Canadian Banking. "ING DIRECT will continue to operate as a separate and distinct wholly-owned subsidiary, providing low cost and highly competitive products to self-directed customers. This acquisition is a great opportunity for us and supports our strategic objectives. From a Canadian market perspective, this announcement means the preservation of a banking option for those customers who feel it best meets their needs. Customers will be able to interact with ING DIRECT the way they do now; their account numbers, bank cards and passwords will not change. From a Scotiabank shareholder perspective, it enables us to broaden our funding base and ING DIRECT's revenues and earnings will support the Bank's overall growth objectives."
"This is an exciting opportunity for ING DIRECT in Canada," said Peter Aceto, CEO of ING DIRECT Canada. "Our bank will benefit from the backing of a strong, stable Canadian shareholder providing additional resources that will enable us to focus on areas of strategic growth. Almost two million Canadians have chosen us to do some or all of their banking and with Scotiabank's support, we will build on what ING DIRECT's customers have come to love about us."