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Scotiabank Reaches Agreement to Acquire ING Bank of Canada | Marketwire

Scotiabank is acquiring ING Direct in Canada, and further to my earlier post about the culture aspects, they intend to operate as a wholly owned sub.

Scotiabank Reaches Agreement to Acquire ING Bank of Canada and Announces Common Share Offering

– Preserves ING Bank of Canada’s (ING DIRECT) unique and successful model that offers specific value for self-directed customers as a distinct, wholly-owned subsidiary

– Provides continuity for more than 1,100 employees and 1.8 million customers backed by Scotiabank, a strong, stable Canadian shareholder

– ING DIRECT customers will have the same experience online, through the award-winning contact centres, and on their mobile devices, using the same account numbers and passwords, served by the same familiar team

– Purchase price of $3.1 billion in cash which is expected to result in a net investment by Scotiabank of approximately $1.9 billion after deducting the current excess capital at ING DIRECT

Update:
StockHouse with a longer release and more detail.  Lots of talk about preserving the culture at ING.

Written by Colin Henderson

August 29, 2012 at 15:25

Posted in Uncategorized

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