[luxome]

I just recently noticed that the ING Direct building (west of MaRs) is no longer an ING Direct building. The orange logo on top of the building is replaced by "Intact" (Financial Corporation).

So does this mean that the building is bought out by Intact? or is it just an advertising?

 

[digitalis]

ING is now Intact

From Thomson ONE news feed:


TORONTO, May 13 /CNW/ - Shareholders of ING Canada (TSX : IIC) approved today at their annual and special meeting the change of the name of the company to Intact Financial Corporation. On Tuesday, May 19, the company's TSX symbol will be changed to "IFC".

The name change reflects the acquisition on February 19 by institutional and retail investors of all the shares held by ING Groep in the company. As a result of these transactions, ING Canada became an independent and widely-held Canadian company, without any ties to its previous majority shareholder.

 

[lead82]

Does this mean ING's banking will now be called Intact soon? I still see www.ingdirect.ca being the same.

I don't see anything on their website about this transition. I thought that ING only sold off it's insurance arm to become Intact, but the banking part would still be ING.

Can anyone confirm this?

 

[deerparker]

Confirmed. ING sold all of its ownership stake in ING Canada (which offered insurance in Canada and is now an independent Canadian company) while ING Direct Canada will continue to operate as part of the global ING Group with a head office presence to satisfy (as it has been doing) regulatory requirements. The following is from the ING Direct FAQs section...

What is the difference between ING and ING DIRECT?

ING DIRECT is a Canadian bank that is regulated the same as other Canadian banks. We are owned by ING Group; one of the world’s largest financial services companies, headquartered in Europe. We operate on a stand alone basis in Canada. This means that our people are located in Canada, your money stays in Canada, we are regulated in Canada and follow the same rules as all of the other Canadian banks.

Up until recently, ING Group also owned ING Canada, the insurance company. As planned, ING Group sold its shares in ING Canada so it can focus its attention on savings and investments. The sale of ING Canada had no impact on ING DIRECT as the companies were completely separate entities, with separate employees.

 

[confused5o1]

ING in Netherlands still owns ING Direct and has sold off its insurance business in Canada.. thus Intact is an independent public company on its own now..

P.S. OPG owns that building, everyone else just leases