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

Scotiabank looks to be hanging onto ING deposits

Bank of Nova Scotia appears to be hanging onto the deposits it got when it bought ING Direct, driving home that the bank would not risk messing up ING’s customer relationships because the funding is so crucial.

Recall that when rival Royal Bank of Canada bought Ally Financial’s Canadian operations, it soon ended the sweet deals that Ally was offering to bring in deposits. RBC wanted Ally for the other side of the balance sheet and the loans it was making.