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!
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 .
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?