M&A Deal Summary

Scotia Bank Acquires ING Bank of Canada

On November 15, 2012, Scotia Bank acquired financial services company ING Bank of Canada from ING Groep for 3.1B CAD

Acquisition Highlights
  • This is Scotia Bank’s 5th transaction in the Financial Services sector.
  • This is Scotia Bank’s largest (disclosed) transaction.
  • This is Scotia Bank’s 2nd transaction in Canada.
  • This is Scotia Bank’s 2nd transaction in Ontario.

M&A Deal Summary
Date 2012-11-15
Target ING Bank of Canada
Sector Financial Services
Buyer(s) Scotia Bank
Sellers(s) ING Groep
Deal Type Divestiture
Deal Value 3.1B CAD

Target

ING Bank of Canada

Toronto,, Ontario, Canada
ING Bank of Canada, operates as a direct bank that provides banking products and services to Canadians.

Search 200,500 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 1

Buyer

Scotia Bank

Toronto, Ontario, Canada
Category Company
Founded 1832
Sector Financial Services
Employees89,090
Revenue 31.8B CAD (2023)
DESCRIPTION
Scotiabank branch in London, Ontario.
Scotiabank branch in London, Ontario.

Scotia Bank offers personal, commercial, corporate and investment banking products and services through global team of more than 75,000 Scotiabankers. Scotia Bank was incorporated in 1832 and is based in Toronto, Canada.

DEAL STATS #
Overall 6 of 7
Sector (Financial Services) 5 of 6
Type (Divestiture) 3 of 3
State (Ontario) 2 of 2
Country (Canada) 2 of 2
Year (2012) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-14 Colfondos S.A. Pensiones y Cesantias

Bogota, Colombia

Colfondos S.A. Pensiones y Cesantias is the fourth largest regulated pension fund administrator in Colombia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-17 Hermes

Lima, Peru

Hermes is a provider of cash management services with a nationwide network of 18 branches, 228 armored vehicles. Hermes offers logistics, cash processing, and custody services to a blue-chip client base comprised of more than 1,000 active clients in the financial, retail, utilities and mining segments. Hermes is a mission-critical partner to the largest financial institutions and retail organizations in Peru. Hermes was founded in 1985 and is based in Lima, Peru.

Sell -

Seller(S) 1

SELLER

ING Groep

Amsterdam, Netherlands
Category Company
Founded 1762
Sector Financial Services
Employees60,000
Revenue 22.4B USD (2023)
DESCRIPTION
ING branch in central Barcelona.
ING branch in central Barcelona.

ING Groep is a diversified financial services company offering banking, investment, life insurance, and retirement services products and services. ING has operations throughout Europe, North America, and Asia. ING Groep was founded in 1762 and is based in Amsterdam, the Netherlands.

DEAL STATS #
Overall 6 of 13
Sector (Financial Services) 4 of 5
Type (Divestiture) 6 of 12
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2012) 2 of 3
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-11 ING Insurance Bhd.

Kuala Lumpur, Malaysia

ING Malaysia is the third largest insurer in Malaysia, serving more than 1.6 million customers and offering a suite of products including life, general, employee benefits as well as Takaful insurance products through a joint venture.

Sell €1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-18 Orange Policy Sdn Bhd

Kuala Lumpur, Malaysia

ING Malaysia is the third largest insurer in Malaysia, serving more than 1.6 million customers and offering a suite of products including life, general, employee benefits as well as Takaful insurance products through a joint venture.

Sell $1.7B
Mergr

Product

Company

Legal