The bank who left the broker channel following the buyout by ScotiaBank has recently announced a forthcoming name change.
“We announced on the fifth that we are changing the name to Tangerine,” Andrew Zimakas, the chief marketing officer of ING Direct told MortgageBrokerNews.ca. “(ING was) bought out by ScotiaBank and it was announced that we were required to change our name and re-identify itself.”
In January of last year, ING announced it would no longer focus on the broker channel, instead allowing that business to filter through its new parent company, ScotiaBank. The name change comes on the heels of speculation that it would be branded with the Scotia name as well. However, the company chose a different direction – in consultation with clients and employees.
And although any major buyout comes with its share of question marks for the future, Zimakas assures consumers the brand will remain unchanged.
“The brand isn’t changing and everything our clients and employees love about the brand is going to remain the same – something ScotiaBank committed to when they acquired us,” he said. “We chose a name that we think represent ING as a progressive force in banking while having some continuity with where we’ve been. Tangerine is fresh and alternative and we’re really leveraging the colour orange as well as some visuals, such as the arrow – which has been restyled and now points upward.”
The name change won’t be made official until next year, but the company released the information ahead of time to help clients and employees acclimatize.
“What we chose to do was to announce the name earlier than when we would actually launch the new name and visual identity; it’s in the name of transparency, more than anything else,” Zimakas said. “We believe Tangerine reflects everything that we believe simplifies everyday banking should be and that is simple, flexible, accessible, progressive and innovative.”