The Successful Investor Hotline – Friday, April 11, 2014

Article Excerpt

PLEASE NOTE: Due to the Good Friday holiday, our next Hotline will go out on Thursday, April 17, 2014. BANK OF NOVA SCOTIA, $64.24, Toronto symbol BNS, has formally changed the name of its ING Direct subsidiary to Tangerine (www.tangerine.ca). The bank bought ING Direct from its Netherlands-based parent, ING Group, in November 2012. This business provides no-fee banking services to 1.9 million clients, mainly over the Internet. The new name will let Bank of Nova Scotia keep using the orange colour associated with the ING Direct brand. Tangerine will continue to operate separately from the bank’s retail banking operations. However, Bank of Nova Scotia will let Tangerine customers use its automated teller machines without paying fees. The bank is also looking at setting up Tangerine-type businesses in other countries where it already operates, like Mexico and Chile. In addition, Tangerine plans to launch its own credit card in 2015. Bank of Nova Scotia is a buy. Bank of Nova Scotia was recently covered in The…