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Breaking news: Scotiabank to buy ING

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Mortgage Broker News | 29 Aug 2012, 05:00 PM Agree 0
The gods may be listening to brokers with channel lender Scotia announcing it has reached a definitive agreement to purchase ING Direct Canada.
  • Julia Krause | 30 Aug 2012, 08:13 AM Agree 0
    Hmmm... "Early indications are that Scotia will keep ING as a separate, largely autonomous entity." Just like they did with Montreal Trust, National Trust, and Maple Trust...? If you're a broker who loved ING's products & services, the way I did with Maple Trust, kiss it goodbye. Sad... :(
  • Kyle Green | 30 Aug 2012, 09:29 AM Agree 0
    Well Scotia basically merged Maple and BNS together on the broker side, I imagine they are more interested in ING's deposit capital because of the new international guidelines like Basel III than interfering with their broker channel.
  • DD | 30 Aug 2012, 01:08 PM Agree 0
    This is a real shame. We have done tons of business with ing over the years. The relationship has just gone down the tubes. Scotias broker model isn't nearly as good as ings. Now I have to figure out where all this volume will go, and it definitely won't be going to scotia. We are looking more and more like Australia everyday. One less choice for the Canadian consumer. :(
  • MortgagePro10 | 30 Aug 2012, 02:43 PM Agree 0
    This is great news for brokers. One of our channel's best supporters steps up and acquires a unique lender that has great broker ties itself. Rather than lose a lender as many feared, early indication is that we will keep this lender option in our channel. This is huge because had BMO or RBC bought, we likely would have lost ANOTHER lender and the unique features and options that they bring to the table. It is important to start distinguishing ourselves from banks in ways other than rate. ING brings features and products that allow us to do that and that is vital.
  • CD | 31 Aug 2012, 12:10 AM Agree 0
    This is horrible news in my opinion. The SMA model is flawed in every way possible. The last thing Webster needs is to fill his boat with more holes.
  • Ron Dyck | 31 Aug 2012, 02:34 AM Agree 0
    Another good lender, good company gone to the big 5. It is sad and as they disappear, our service to the clients is just more limited.
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