|

Business

Scotiabank to buy ING Bank of Canada

Wednesday, August 29, 2012 | 5:03 PM



TORONTO, Canada (AP) — The Bank of Nova Scotia has reached an agreement to buy ING Bank of Canada from its Dutch parent for $3.1 billion.

Toronto-based Scotiabank, one of Canada’s five largest banks, announced the deal today.

ING Groep NV, one of Europe’s largest financial institutions, has been struggling to keep its balance sheet healthy amid bad loans and declining margins. Like many of Europe’s banks, ING has had to divest assets and lean on emergency funds as anxiety over the Greek debt crisis took a toll on confidence in the continent’s financial institutions.

ING Bank of Canada manages high interest savings and checking accounts online and withdrawals and deposits are done at various ATM locations.



J$98.96 to one US dollar

 

Parents must be accountants for Career Day

 

Skills that could top up your pocket

 

Working from home...an emerging sector?

 

Property tax relief for pensioners

 

Creditinfo gets green light from BOJ

 

JN Foundation to assist social enterprises

 

Haiti a lucrative market for Ja Broilers

 

Beaches Turks & Caicos: the gift that keeps on giving

 

‘Come and feel the magic’ - Colombia wants Sandals

 

Kremi lists today, says expansion to start in coming weeks

 

Suriname looks into solar energy for remote communities

 

As Jamaican dollar revalues, NIR rises to almost US$1 billion

 

Now Venezuela is running out of toilet paper

 

Moody's lowers Bermuda's rating

 

JNBS to celebrate 25th anniversary in the UK

 

Bill Gates regains top spot

 

2 companies to expand operations in Puerto Rico

 

Direct flight between Puerto Rico, Mexico begins

 

Haitian Compas Festival marks 15 years in Miami

 

Today's Cartoon