Tangerine Bank
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| Tangerine | |
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Formerly called
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ING Direct Canada (1997–2012) |
| Subsidiary | |
| Industry | Financial services |
| Founded | 1997 (as ING Bank of Canada) |
| Headquarters | Toronto, Ontario, Canada |
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Number of employees
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969 (2013) |
| Parent | Scotiabank |
| Subsidiaries | Tangerine Investment Funds |
| Website | tangerine |
Tangerine Bank, operating as Tangerine, is a Canadian direct bank and a subsidiary of Scotiabank. It offers no-fee chequing and savings accounts, Guaranteed Investment Certificates (GIC), mortgages, and mutual funds (through a subsidiary). Many savings and investment products are eligible for registration under a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), or Registered Retirement Income Fund (RRIF).
Founded by ING Group in 1997 as ING Direct Canada, the bank was acquired by Scotiabank in 2012. The new name for the bank was revealed in November 2013, and was rolled out beginning in April 2014.
The predecessor of Tangerine, ING Bank of Canada (operating as ING Direct) was founded in April 1997 and operated as a telephone banking service offering savings accounts. It was the first test market for ING Group's direct banking business model, where the aim was to offer more favourable rates to customers by avoiding the costs of running a network of branches.
Operating without traditional bank branches, ING Direct Canada instead opened a small network of ING Direct Cafes, for its face-to-face contact points. The first café opened in Toronto in 1997, with a further three opening in Vancouver, Montreal and Calgary, as well a second Toronto location.
As the bank expanded into online banking it also grew to offer mortgages, RRSPs, TFSAs, GICs, mutual funds and a no-fee chequing account.
In November 2013, ING Direct Canada claimed over 1.8 million customers, employed almost 1,000 people and held close to $40 billion in total assets.
In November 2012 Scotiabank completed the acquisition of ING Direct Canada from ING Groep NV, the Netherlands-based parent company of ING Direct Canada in a CAD$3.1 billion deal first announced in August 2012.
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