Scotiabank completes acquisition of ING Bank of Canada (ING DIRECT)

Scotiabank completes acquisition of ING Bank of Canada (ING DIRECT) 
TORONTO, Nov. 15, 2012 /CNW/ - Scotiabank announced today that it has 
completed its acquisition of ING DIRECT Canada from its Netherlands-based 
parent ING Group, having received all required regulatory approvals. 
"I am very pleased to announce the completion of Scotiabank's acquisition of 
ING DIRECT Canada," said Anatol von Hahn, Scotiabank Group Head, Canadian 
Banking. "ING DIRECT will continue to operate as a separate and distinct 
wholly-owned subsidiary, providing low cost and highly competitive products to 
self-directed customers. This acquisition is a great opportunity for us and 
supports our strategic objectives. From a Canadian market perspective, this 
announcement means the preservation of a banking option for those customers 
who feel it best meets their needs. Customers will be able to interact with 
ING DIRECT the way they do now; their account numbers, bank cards and 
passwords will not change. From a Scotiabank shareholder perspective, it 
enables us to broaden our funding base and ING DIRECT's revenues and earnings 
will support the Bank's overall growth objectives." 
"This is an exciting opportunity for ING DIRECT in Canada," said Peter Aceto, 
CEO of ING DIRECT Canada. "Our bank will benefit from the backing of a 
strong, stable Canadian shareholder providing additional resources that will 
enable us to focus on areas of strategic growth. Almost two million 
Canadians have chosen us to do some or all of their banking and with 
Scotiabank's support, we will build on what ING DIRECT's customers have come 
to love about us." 
Scotiabank is one of North America's premier financial institutions and 
Canada's most international bank. With more than 81,000 employees, Scotiabank 
and its affiliates serve some 19 million customers in more than 55 countries 
around the world. Scotiabank offers a broad range of products and services 
including personal, commercial, corporate and investment banking. With assets 
of $670 billion (as at July 31, 2012), Scotiabank trades on the Toronto (BNS) 
and New York Exchanges (BNS). For more information please visit 
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SOURCE: Scotiabank 
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CO: Scotiabank
ST: Ontario
-0- Nov/15/2012 13:45 GMT
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