BUSINESS

ING Direct to change its name to Tangerine

The Canadian Press Published Tuesday, November 5, 2013 6:06PM EST

People walk by an ING Direct cafe in Toronto following the announcement that ING Bank of Canada will be acquired by Scotiabank on Wednesday, August 29, 2012. (Michelle Siu / THE CANADIAN PRESS)

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TORONTO -- ING Direct is changing its name to Tangerine.

The online bank, a subsidiary of Scotiabank (TSX:BNS), said Tuesday the name change will come into effect in the spring of 2014.

"Tangerine and the new visual identity exemplify everything ING Direct has represented since its start in Canada in 1997, specifically its continued focus on being an innovative and progressive alternative for Canadians who embrace forward banking and banking in a direct way," president and CEO Peter Aceto said in a statement.

"We're very excited about the new name because it reflects everything our clients love about us and what everyday banking can be: simple, flexible, accessible, progressive and innovative."

Scotiabank acquired ING Direct from the Dutch-based ING Groep N.V. for $3.1-billion in 2012. As part of the deal, it was required to change its name by 2014.

ING Direct has more than 1.8 million clients with close to $40 billion of total assets. It offers no-fee banking products, including chequing accounts, high interest savings accounts, TFSAs, GICs, RSPs, mutual funds and mortgages. Headquartered in Toronto, it has been operating in Canada since 1997.