SCOTIABANK BUYS I-N-G CANADA

Aug 29, 2012

By Michael Kramer

Share on

Scotiabank will buy I-N-G Bank of Canada for 3.13 billion dollars in cash, pending regulatory approval.

The Netherlands-based parent company of I-N-G Canada has been having a hard time keeping its balance sheet healthy amid bad loans and declining margins.

The net investment by Scotiabank is expected to be 1.9 billion, after deducting excess capital at I-N-G Direct.

The deal was announced after markets closed.

Join Our Fan Club
Coverage Area
Downtown Toronto
96.7FM
Toronto HD
96.3 HD-2
Kingston to Windsor, Parry Sound to Pittsburgh
AM740
ZoomerRadio Logo

Recently Played: