Scotiabank To Buy ING Bank Of Canada
- Published on Thursday, 30 August 2012 10:55
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(Associated Press): TORONTO -- The Bank of Nova Scotia said Wednesday it will buy ING Bank of Canada from its Dutch parent for $3.1 billion.
Toronto-based Scotiabank, one of Canada's five largest banks, said ING's portfolio will help Scotia solidify its No. 3 position in Canadian deposits.
ING Groep NV, one of Europe's largest financial institutions, has been revamping its business since it was bailed out by the Dutch state during the 2008 financial crisis. It said the deal will help sharpen its focus on core businesses and strengthen its balance sheet.
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