|Formerly||ING Direct Canada|
|Founded||1997 (as ING Bank of Canada)|
|Headquarters||3389 Steeles Avenue East, |
|Gillian Riley (CEO)|
Number of employees
|Subsidiaries||Tangerine Investment Funds|
Tangerine Bank, operating as Tangerine, is a Canadian direct bank and a subsidiary of Scotiabank. It offers no-fee chequing and savings accounts, Guaranteed Investment Certificates (GIC), mortgages, and mutual funds (through a subsidiary). Many savings and investment products are eligible for registration under a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), or Registered Retirement Income Fund (RRIF).
Founded by ING Group on April 27, 1997 as ING Direct Canada, the bank was acquired by Scotiabank in November 2012. The new name for the bank was revealed in November 2013, and Tangerine was rolled out beginning in April 2014.
The predecessor of Tangerine, ING Bank of Canada (which operated as ING Direct) was founded in April 1997 and operated as a telephone banking service offering savings accounts. 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. Dutch actor Frederik de Groot served as the company's spokesperson in ING Direct Canada television commercials.
Acquisition by Scotiabank and name change
In November 2012 Scotiabank completed the acquisition of ING Direct Canada from ING Groep NV, the Netherlands-based parent company of ING Direct Canada in a CAD$3.1 billion deal first announced in August 2012.
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 name would be changed to Tangerine in early 2014. 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.
Tangerine continues 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'.
On November 19, 2015, Tangerine was named by Waterstone Human Capital as one of Canada's 10 Most Admired Corporate Cultures of 2015.
Products and services
Tangerine offers the same services that had been provided by ING Direct Canada, namely, savings accounts, a chequing account, mutual funds and mortgages. Tangerine's mutual funds (marketed as "portfolios") are based on an indexing strategy, each tracking a weighted combination of three or four equity and/or bond indices.
Tangerine's banking app is available to customers through iOS, Android, Blackberry and Windows Mobile. Support was also available for Wear OS and Apple Watch, but was discontinued on February 29, 2020. The apps allows Tangerine customers to view their account balances, transactions, make transfers, find ABMs and deposit cheques by taking a picture.
As a result of the Scotiabank acquisition, Scotiabank ABMs and those of other banks in the Global ATM Alliance became free for customers to use in June 2014. As of September 28, 2014, Tangerine withdrew from The Exchange, its previous network of no-charge ABMs.
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. The rebranded Tangerine continued to operate these cafés under Scotiabank ownership. From time to time, the bank also opened temporary pop-up locations to help promote their products.
In its 2020 public accountability statement published in early 2021, Tangerine announced that it had decided to permanently close all of its cafés except for the Toronto North café located within its head office. All locations had been closed temporarily throughout the COVID-19 pandemic.
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