On November 5, 2013, ING Direct Canada revealed that its name would be changed to Tangerine in early 2014. As part of the terms of the deal, the bank was required to change its name from ING Direct before May 2014. In November 2012, Scotiabank completed the acquisition of ING Direct Canada from ING Group, the Netherlands-based parent company of ING Direct Canada, in a CAD$3.1 billion deal first announced in August 2012. Acquisition by Scotiabank and name change In November 2013, ING Direct Canada claimed over 1.8 million customers, employed almost 1,000 people and held close to $40 billion in total assets. Dutch actor Frederik de Groot served as the company's spokesperson in ING Direct Canada television commercials.Īs the bank expanded into online banking, it also grew to offer mortgages, RRSPs, TFSAs, GICs, mutual funds and no-fee chequing accounts. It was the first test market for ING Group's direct banking business model, where the aim was to offer more favourable rates to customers by avoiding the costs of running a network of branches. The predecessor of Tangerine, ING Bank of Canada (using the trade name ING Direct), was founded in April 1997 and operated as a telephone banking service offering savings accounts. Īlthough now wholly owned by Scotiabank, Tangerine remains a separate legal entity and thus kept its unique Institution Number (614), with all accounts being under a single transit number (00152). The new name for the bank was revealed in November 2013, and the Tangerine branding was rolled out beginning in April 2014. In November 2012, it was acquired by Scotiabank. The bank was founded by ING Group in April 1997 as ING Bank of Canada (operating as ING Direct). Many savings and investment products are eligible for registration under a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). It offers no-fee chequing and savings accounts, Guaranteed Investment Certificates (GICs), mortgages and mutual funds (through a subsidiary). Tangerine Bank ( operating as Tangerine) is a Canadian direct bank that is a subsidiary of Scotiabank.
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