There was already a lot going on in the banking industry this week, with all 6 big banks reporting quarterly earnings.  But one major announcement grabbed the headlines.  On Wednesday, Scotiabank announced it was buying ING Canada for $3.1B.  ING Canada was on the shopping block because its parent company, ING Group NV, had to unload assets following the recession and current economic fears in Europe.

ING customers went off on their Facebook page Wednesday, with over 350 comments about the sale – 95% of them negative.

But what does the sale really mean for ING customers?  Well, for now it’s wait and see.  The sale is subject to regulatory approval, and from there Scotia will have 18 months to re-brand ING Canada.  Both Scotia and ING spokesmen insist nothing will change, and that ING will remain a separate and distinct business with its own unique products.

It sounds like they’ll introduce new products, like a credit card and a few more mutual funds, but ING customers should expect few big changes once the deal goes through.  Keep an eye on what happens with ING south of the border – ING Direct was sold to Capital One back in February, in a deal with similar terms for re-branding.

As for the quarterly earnings reports, those were mostly positive for the big 6 banks, which earned a combined $8.2B in the 3rd quarter this year.  5 of the 6 raised their dividend payouts, including BMO, which hasn’t increased its dividend since 2007.

2nd Anniversary Giveaway

A few weeks ago we celebrated our 2nd anniversary blogging here at Boomer & Echo.  We held a contest to give away the following prizes:

  • 1st prize is a Samsung 10.1″ 16GB Galaxy Tab 2 Tablet – retail $349.99
  • 2nd prize is a $50 Amazon gift card
  • 3rd prize is a $25 Future Shop gift card courtesy of our friends at Great Canadian Rebates.

The contest closed last Friday and we received a ton of entries (thank you!).  Here are the winners:

  • Samsung Galaxy Tablet – Colin
  • $50 Amazon Gift Card – Shannon R
  • $25 Future Shop Gift Card – Jesse

Congratulations to all the winners!  I’ll get in touch with each of you and arrange to send your prizes.

Weekend Reading

Here are some great personal finance articles for you to enjoy this weekend:

  1. Retire Happy Blog wrote an online guide to leverage (borrowing to invest)
  2. Seeking Alpha said dividend investors: don’t forget about Canada
  3. Excess Return asked is it time to buy gold again?
  4. She Thinks I’m Cheap looked at investments strategies: emotional vs. analytical
  5. Timeless Finance asked do you really need an emergency fund?
  6. Million Dollar Journey shared 5 lessons learned as a first time home buyer
  7. Free From Broke looked at the costs of being self-employed
  8. Planting Money Seeds said if you truly want it, you’ll find a way to afford it
  9. My Own Advisor said now is not the time to shift your equities to bonds
  10. Canadian Finance Blog asked are mutual funds are ever worth it?
  11. Bible Money Matters said discipline is an attribute of millionaires that you need to succeed
  12. Rewards Cards Canada shared where to find the best student credit cards

We were also included in the following blog carnivals:

Have a great weekend, everyone!


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