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ING to sell Canadian retail bank to Scotiabank

Associated Press Published: August 29, 2012

ING Group is selling its Canadian retail bank to Scotiabank for $3.88 billion in cash.

The Dutch megabank said Wednesday that the deal will help sharpen its focus on core businesses and strengthen its balance sheet.

The division, called ING Direct Canada, offers savings, checking, mutual fund and mortgage products through telephone representatives and online access. ING says the division has about 1.8 million customers in Canada.

ING will continue to operate direct banking businesses in Australia, Austria, France, Germany, Italy and Spain. It is considering a sale of its United Kingdom business. It sold its U.S. business to Capital One Financial in February.

ING expects to record a gain of $1.38 billion on the Canadian sale.