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.
