Trading name Tangerine Industry Financial services Headquarters Toronto, Canada Founded 2013 Acquisition date November 2012 | Type Subsidiary Website tangerine.ca CEO Peter Aceto (2008–) Number of employees 969 (2013) Parent organization Scotiabank | |
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Formerly called ING Direct Canada
(1997–2012) Subsidiaries Tangerine Investment Funds Profiles | ||
Tangerine bank s story
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).
Contents
- Tangerine bank s story
- Welcome to tangerine bank
- History
- Acquisition by Scotiabank and name change
- Products and services
- References
Founded by ING Group in 1997 as ING Direct Canada, the bank was acquired by Scotiabank in 2012. The new name for the bank was revealed in November 2013, and was rolled out beginning in April 2014.
Welcome to tangerine bank
History
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. 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.
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.
As the bank expanded into online banking it also grew to offer mortgages, RRSPs, TFSAs, GICs, mutual funds and a no-fee chequing account.
In November 2013, ING Direct Canada claimed over 1.8 million customers, employed almost 1,000 people and held close to $40 billion in total assets.
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 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.
In 2016 Tangerine began to offer a MasterCard cash back credit card.
Tangerine offers customers an iOS, Apple Watch, Android, Blackberry and Windows Mobile apps. The apps allows members to see account balances, transactions, make transfers, find ATM's and deposit cheques by taking a picture.
As a result of the Scotiabank acquisition, Scotiabank ATMs and those of other banks in the Global ATM Alliance became free for customers to use in June 2014. Tangerine then withdrew from The Exchange, its previous network of no-charge ATMs, as of September 28, 2014.