Business

Scotiabank to buy ING Bank of Canada

Wednesday, August 29, 2012 | 5:03 PM    

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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.

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