Opérations et transactions|14 novembre 2012
Scotiabank completes the acquisition of ING DIRECT Canada
Torys acted as counsel to Scotiabank with a team that included Michael Siltala, Cornell Wright, Adrienne DiPaolo, Harry Cherniak and Stefan Stauder (corporate), Corrado Cardarelli and Andrew Wong (tax), Conor McCourt, Ed Fan and Yolande Dufresne (IP), Jay Holsten and Omar Wakil (competition), Andrew Gray (litigation), Mitch Frazer, Jessica Bullock and Janelle Bowman (employment), Blair Keefe and Eli Monas (banking) and Christine Vogelesang and Dawn Scott (regulatory).
On November 15, 2012, Scotiabank announced the completion of its previously announced agreement to acquire ING Bank of Canada (ING Direct) from its Netherlands-based parent ING Group, having received all required approvals.
Under the definitive agreement reached in August, Scotiabank agreed to purchase ING Direct for C$3.126 billion in cash and to fund the redemption of C$320.5 million of subordinated debt issued by ING Direct.
ING DIRECT Canada will continue to operate separately.
With approximately C$40 billion in assets, C$30 billion in deposits, 1.8 million customers, and over 1,100 employees, ING Direct is the 8th largest bank in Canada. It is a direct bank that serves customers online, via contact centres and mobile devices, offering savings, chequing, mortgages and four mutual funds. It has five ING Direct Cafés and no physical branches.
The Bank of Nova Scotia is a diversified financial institution, offering a range of products and services, including personal, commercial, corporate and investment banking in more than 55 countries around the world.
Further information can be found on Scotiabank and Canada Newswire's websites.
Under the definitive agreement reached in August, Scotiabank agreed to purchase ING Direct for C$3.126 billion in cash and to fund the redemption of C$320.5 million of subordinated debt issued by ING Direct.
ING DIRECT Canada will continue to operate separately.
With approximately C$40 billion in assets, C$30 billion in deposits, 1.8 million customers, and over 1,100 employees, ING Direct is the 8th largest bank in Canada. It is a direct bank that serves customers online, via contact centres and mobile devices, offering savings, chequing, mortgages and four mutual funds. It has five ING Direct Cafés and no physical branches.
The Bank of Nova Scotia is a diversified financial institution, offering a range of products and services, including personal, commercial, corporate and investment banking in more than 55 countries around the world.
Further information can be found on Scotiabank and Canada Newswire's websites.