SCOTIABANK BUYS I-N-G CANADA

Aug 29, 2012

By Michael Kramer

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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.

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