Tangerine Bank

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Tangerine Bank
Trading name Tangerine
Type Subsidiary
Industry Financial services
Predecessors ING Bank of Canada
Founded 1997 (as ING Bank of Canada)[1]
Headquarters Toronto, Canada
Employees 969 (2013)[2]
Parent Scotiabank
Subsidiaries Tangerine Investment Funds Limited
Website tangerine.ca

Tangerine Bank, operating as Tangerine, is a Canadian direct banking subsidiary of Scotiabank. It offers savings accounts, Tax-Free Savings Accounts (TFSA), Guaranteed Investment Certificates (GIC) and Registered Retirement Savings Plans (RRSP), mutual funds, mortgages and a no-fee chequing account.[3]

Founded by ING Group in 1997 as the Canadian operation of ING Direct, the bank was acquired by Scotiabank in 2012.[4] The new name for the bank was revealed in November 2013, and was rolled out beginning in April 2014.[5]

History[edit]

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.[6] 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.[7]

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.[8]

As the bank expanded into online banking it also grew to offer mortgages, RRSPs, TFSAs, GICs, mutual funds and a no-fee chequing account.[9]

In November 2013, ING Direct Canada claimed over 1.8 million customers, employed almost 1,000 people[10] and held close to $40 billion in total assets.[5]

Acquisition by Scotiabank and name change[edit]

In November 2012 Scotiabank completed the acquisition of ING Direct Canada from ING Groep NV,[11] the Netherlands-based parent company of ING Direct Canada in a CAD$3.1 billion deal first announced in August 2012.[4]

As part of the terms of the deal the bank was required to change its name from ING Direct before May 2014.

On November 5, 2013 ING Direct Canada revealed that its new name would be changed to Tangerine in early 2014.[5] The bank stated that the name change was the culmination of a year-long consultation process involving more than 10,000 people in qualitative and quantitative research.[12]

Tangerine will continue to use the ‘Forward Banking’ tagline used by ING Direct Canada from 2012 onwards. Prior to 2012 ING Direct Canada had used the tagline ‘Save Your Money’.[13]

Products and services[edit]

Tangerine offers the same services that had been provided by ING Direct Canada, namely, savings accounts, a chequing account, mutual funds and mortgages.[14]

According to press reports at the time of the new brand announcement, Tangerine plans to issue its own credit card.[15]

Tangerine customers will continue to be able to use ING Direct Canada’s Cheque-in feature, whereby users can deposit cheques remotely via the ING Direct Canada mobile app.[16] Announced in June 2013, the service enables customers to take a photograph of a cheque using a tablet or smartphone, then deposit the cheque immediately into their account.[17]

As a result of the Scotiabank acquisition, Scotiabank ATMs and those of other banks in the Global ATM Alliance will become free for customers to use in June 2014, to be followed by Tangerine's withdrawal from The Exchange network as of September 28, 2014.[18]

References[edit]

  1. ^ Robert D. Klassen; Larry J. Menor (2006). Cases in Operations Management: Building Customer Value Through World-Class Operations. SAGE Publications. pp. 69–. ISBN 978-1-4129-1371-3. 
  2. ^ ING DIRECT Public Accountability Statement 2013 (PDF), ING Direct Canada, retrieved September 9, 2014 
  3. ^ "Homepage". ING. Retrieved March 5, 2014. 
  4. ^ a b "Bank of Nova Scotia snares ING for $3.1-billion". Globe and Mail. 
  5. ^ a b c "ING DIRECT to change its name to Tangerine". Newswire. 
  6. ^ "Our History". ING. Retrieved March 5, 2014. 
  7. ^ "ING Direct scrambles to reinvent itself". Macleans. 
  8. ^ "ING DIRECT Cafés". ING. Retrieved March 5, 2014. 
  9. ^ "ING Group". ING Group. 
  10. ^ "We have a new name!". ING. Retrieved March 5, 2014. 
  11. ^ "Scotiabank Completes the Acquisition of ING DIRECT Canada". Scotiabank. 
  12. ^ "ING Direct renames itself Tangerine". Financial Post. 
  13. ^ "ING DIRECT introduces Canadians to forward banking". press release. 
  14. ^ "Tangerine". Tangerine. 
  15. ^ "ING Bank of Canada morphing into ‘Tangerine’". Globe and Mail. 
  16. ^ "ING DIRECT Launches Remote Cheque Deposit". Newswire. 
  17. ^ "ING app deposits cheques by smartphone or tablet". CBC. 
  18. ^ "ABMs". Tangerine Bank. Retrieved 2014-04-08. 

External links[edit]