ING Groep NV's Canadian online bank was purchased by the Bank of Nova Scotia. The asset would be rebranded into Tangerine in order to remove the last vestiges of its previous owners.

In a telephone interview from Toronto, Scotiabank's ING Direct CEO Peter Aceto said, "Tangerine really captures the essence of what we wanted to do. We wanted to maintain what we've built for the last 16 years and why customers chose us in the first place, which is around being innovative and simplifying things."

The new corporate logo has the word Tangerine in orange punctuated by an arrowhead. It would become accessible to the public within the next five months according to Aceto. The bank is the third largest lender by assets and it had purchased the ING Groep NV Canadian baning operations for CAD3.1 billion in November 2012. WIth the purchase, the company would expand its operations and operate an online banking platform with a deposit volume of CAD30 billion and a 1.8 million client base.