ING sells Canadian online banking operations to ‘sharpen focus’
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Add as a favourite source on Google Add DutchNews as a favourite source on GoogleING is to sell its Canadian online banking operations to Canada’s Bank of Nova Scotia for C$3.1bn as part of its strategy to ‘sharpen’ the financial services group’s focus.
The Dutch bank said a month ago it is reviewing its options for the British and Canadian units in the wake of the financial crisis.
ING Direct Canada was launched in 1997 and has 1.8 million clients. ING sold ING Direct USA to Capital one in 2011 for $9bn in cash and shares.
In a statement, ING said its Direct units in Australia, France, Germany, Italy and Spain are not affected, but that the review of the British unit was still ongoing.
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