Last week, Scotiabank announced plans to acquire ING Bank of Canada for a deal worth $3.13 billion. Scotiabank said the deal will help add to their domestic banking portfolio.
ING Bank of Canada has a book value of $3 billion in deposits, $40 billion in assets and a book value of $1.7 billion. Scotiabank is calling this one of the largest acquisitions ever.
Scotiabank president and CEO Rick Waugh commented on the acquisition, “ING will now benefit from a strong stable Canadian owner who will provide additional resources to continue to expand and to grow.”
"This is a strategic decision, an opportunity that arose to fit in with what we already do on a day-to-day basis with our customers, and this just augments that." Waugh said.
Scotiabank notes that ING Bank of Canada customers should not expect to see any changes, as the company said to continue to operate ING Bank of Canada separately while maintaining their 1,000 employees.