Tuesday Sep 2, 2014

ING Direct Canada has been Sold!

29 August 2012

You have heard the discussions over the past few weeks, but it has finally happened folks, ING Direct Canada has been sold!

You must be dying to know who bought up the bank that brought us the THRiVE Chequing account – ING’s first cheuqing account, and let us not forget the Orange Key Program – a referral system that can allow you to earn up to $2,000 for simply opening an account and giving people your Orange Key.

Who bought ING Direct Canada?

The bank who bought ING Direct Canada is none other than the Bank of Nova Scotia otherwise known as Scotiabank!

scotia S R cmyk 300x255 ING Direct Canada has been Sold!

Scotiabank purchased ING Direct Canada from the parent group ING Group for $3.13 billion in cash. This deal is expected to earn Scotiabank a net investment of $1.9 billion. What is extremely amazing in my opinion is the fact hat ING Direct USA only sold for $600 million while ING Direct Canada was sold for more than 3 times that amount.

In case you did not know, ING has a strong portfolio under it’s belt – I mean what did you expect from a bank know for saving icon wink ING Direct Canada has been Sold! .

What does this mean for ING Direct Canada clients?

The fact is, despite being sold, ING will continue to operate separately.

Realistically, you don’t need to change a good thing. I think this is where Scotiabank is going with this. ING has proven their success in meeting the needs of Canadians and I am hoping that this continues.

I hate to bring this up, but Scotiabank was responsible for losing client information last year; the last thing I would want to happen is ING somehow to do the same now that it is under new management. Although as I say that, if they are operating separately, maybe nothing will change – at least that is what I am hoping for here.

Only time will tell what will happen to ING, but for now all we can do is stay positive with this one.

On that note, this deal is subject to approval, and is expected to close by December 2012.

More information to come soon!

What do you think of ING Direct Canada being sold?

 

 

About the Author

Sensei

My favorite weapon of choice is the samurai sword. I use it to cut my chicken during dinner, cut my hair and periodically carve my name into stone when I am bored. I love meditating on top of a 15ft high pole and eating those sushi’s with smoked salmon on top. I love everything there is about Canada and everything financially related to Canadians. I write deily posts from Canadian Banks to Credit Card information.

Comments (18 )



Jim Bruene Wrote:

ING Direct USA was bought for 9 bil plus or minus.

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Tahera Wrote:

Scary! I went to ING to get away from the “Big Banks” now not sure what will happen…might mean a switch to President’s Choice…..

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John Reply:

President’s Choice is CIBC so switching there won’t get you away from the big banks

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mark Reply:

Don’t sell out ING! I’m a former Altimira client. They were bought by National Bank then everything changed…

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I have always loved ING and the way they operate and treat their customers has made them my favorite bank hands down. I’ve never really liked Scotia. Hopefully they maintain the separation between the two and ING doesn’t lose it’s customer service.

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Bobby Wrote:

ING direct is likely going to change. The name must be changed within 18 months according to the deal. I see fees and charges coming. All past my past dealings with Scotia bank have been negitive and I closed accounts with them years ago. I will likely be doing the same with ING or whatever they end up calling it. Maybe “Scotia Direct”?

Welcome to “Backwards Banking”.

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Tony Wrote:

I’ve look through many newsletter and even my business newslettter and I find it acceptable. The fact that bank Scotia is good. They decided for 18 months to keep ING direct management as it is. They need to leave as it is because, if they did restructure the management, then many clients from ING Direct Canada will just leave and find alternative saver and Scotia bank will just not make decent profits with this 3.1 billion purchase and an acquisition around 30 billion in deposit. Now, they are working on a Credit Card for ING Direct, hopefully, it will offer saving bonus or cash back to keep this saving philosophy.

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Mike Wrote:

What do I think? I think it sucks. I look at what Scotiabank did with fees for eTrade/iTrade customers recently and smell change in the air at ING.

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Sensei Reply:

If they were to in fact make let’s say the THRiVE account have a fee, it would be an absolutely terrible move, but I really doubt they would do anything that could to an already great account :)

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Mike Reply:

They will likely not add a monthly fee to it, however they will likely reduce free services on the account and add charges for eTransfers, etc.

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Martin Wrote:

Have been customers since the beginning in 1997. We trusted ING Direct as an honest and modern banking alternative. Now, I am very sceptical and will watch carefully – VERY carefully. We will also check into alternatives. Unfortunately, there are too few. Nova Scotia was and is not a bank I wanted to do business with. Sad news, really…

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Bobby Reply:

I am another ING Direct customer who started at the beginning and grew my holdings with ING. As they added services I was lucky to be a part of the pilot programs. I really enjoyed the direct easy to read language and no fees. Not only did I get no fees and higher interest, but many times rewarded for using the free services. $25 for opening an account, referal money, $100 for adding direct deposit, extra interest bonuses.

I too am very sceptical these will remain untouched. I would not only watch carefully, but actively plan to move my money before the 18 months is over!

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Sell out Wrote:

PurE sell out, espec Peter. Talks with scotia have been occurring for 4 months. fees will be coming shortly

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Yatti420 Wrote:

Scotia has a unique opportunity.. Scotia should join the exchange and cross offer products.. I wonder how many ATM’s people would have access to if you could use the exchange and all of Scotia’s machines.. Worst comes to worse call it Scotia direct lol..

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Yatti420 Reply:

Scotia says its got approx 3500 in Canada.. Add approx 2400 for the exchange.. Approx 5900 atms would be nice..

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Sensei Reply:

Having that many ATMs is definitely a positive :)

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Sensei Reply:

Love that “Scotia Direct”! They made a smart decision purchasing ING for sure in my opinion.

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It’s good to know that a company like this can undergo a merger/buyout such as this and continue to operate without much difficulty. I have to give major props to Scotia Direct as other have done so for their wise decision.

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