"Tangerine and the new visual identity exemplify everything ING DIRECT has represented since its start in Canada in 1997, specifically its continued focus on being an innovative and progressive alternative for Canadians who embrace forward banking and banking in a direct way," said Peter Aceto , President and CEO, ING DIRECT . "We're very excited about the new name because it reflects everything our clients love about us and what everyday banking can be: simple, flexible, accessible, progressive and innovative."

When Tangerine launches next spring, clients and all Canadians will continue to experience all they have come to love about ING DIRECT: legendary customer service, leading savings products and a no-fee daily chequing account. Over the next several years the Bank plans to develop new products and services to further its mission to simplify everyday banking.

Tangerine is the result of the culmination of a 12 month process whereby ING DIRECT consulted with more than 10,000 Canadians, employees and clients, through qualitative and quantitative research. The process was focused on a fundamental need to stay true to ING DIRECT's simple, progressive and transparent approach to banking, while also reinforcing to clients and employees a continued focus on innovation.

"This marks a very exciting milestone for the ING DIRECT team as they embark on readying Tangerine for its formal rollout in spring 2014," said Anatol von Hahn , Scotiabank's Group Head, Canadian Banking. "Tangerine is a bold name for a bold business, and we look forward to supporting Tangerine as they grow and offer innovative solutions for customers."

ING DIRECT was acquired as a wholly-owned subsidiary of Scotiabank in 2012, and is required to change its name and visual identity in 2014. Although ING DIRECT will continue to operate under its current name in the interim, the public is encouraged to visit www.tangerine.ca to watch a behind-the-scenes video of The Makinng of Tangerine, as well as other information related to the transition.