Scotiabank Agrees to Buy ING Unit for C$3.13 Billion

Bank of Nova Scotia announced the biggest takeover in its history by agreeing to buy ING Bank of Canada from ING Groep NV for C$3.13 billion ($3.16 billion) in a bid to expand its deposits.

Scotiabank, Canada’s third-largest lender, will spend C$1.9 billion after deducting excess capital at ING Direct in the cash deal, the Toronto-based bank said today in a statement. Scotiabank will sell 29 million shares at C$52 each for proceeds of C$1.51 billion to fund the takeover.