ING Bank of Canada is adopting a new name: Tangerine.
The new moniker comes after Bank of Nova Scotia bought the Canadian arm of ING Groep NV for $1.9-billion in 2012. Under the terms of the deal, Scotiabank was given 18 months to change ING's name to distance the bank from its former parent company.
"Tangerine" helps ING keep its ties to its signature orange-coloured branding. "When people think of ING Direct, there's no doubt that top of the list is the colour orange," said ING Canada chief executive officer Peter Aceto.
Despite the overhaul, Scotiabank stressed that little more is changing than the bank's name. When Canada's third-largest lender scooped up ING, there were fears that ING's core values – namely its low-fee accounts – would be eschewed as it was integrated into the Scotiabank fold.
"All of the values embodied in that brand, all of the things that customers and the staff of ING have come to know and love, are still there," said Robin Hibberd, executive vice-president of Canadian retail banking at Scotiabank.
In the immediate future, only select products will adopt the Tangerine name, but "ING" will be completely cast aside by the spring of 2014.
The bank also announced that by early next year, its customers will get free access to Scotiabank's ABM network.
Mr. Aceto also reiterated his plans to launch a credit card in the near future, a product a large number of ING's customers said they would be interested in.