Scotiabank acquires ING Bank of Canada for $3.1 billion

TORONTO, CANADA (BNO NEWS) -- Scotiabank on Wednesday announced the purchase of ING Bank of Canada from Netherlands-based parent ING Group for $3.126 billion in cash.

The definitive agreement is expected to result in a net investment by Scotiabank of approximately $1.9 billion after deducting the excess capital currently at ING Bank of Canada.?

ING Bank of Canada has approximately $40 billion in assets, $30 billion in deposits, 1.8 million customers, and over 1,100 employees, being Canada's the 8th largest bank.?

Rick Waugh, President and CEO of Scotiabank stated that ING Bank of Canada will benefit from "the backing of a strong, stable Canadian shareholder with the additional resources to enable it to expand and grow."

"This in turn will provide our shareholders with a new source of incremental earnings beginning in year one, and a new deposit base to further diversify our funding," he added.

As part of the transaction, Scotiabank announced a public offering of 29 million common shares at $52 on a bought deal basis for gross proceeds of $1.5 billion in order to fund the acquisition.

This acquisition is subject to regulatory approvals and is expected to close at the end of the year.?

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Source: http://wireupdate.com/scotiabank-acquires-ing-bank-of-canada-for-3-1-billion.html

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