Tangerine Announces Brenda Rideout as new President and CEO

Toronto, ON – February 22, 2017

Tangerine today announced that Brenda Rideout will succeed Peter Aceto as President and CEO, effective March 1, 2017.

Peter Aceto has served as President and CEO since 2008 and has been with the organization for over 20 years. Aceto led the organization through its acquisition by Scotiabank and its successful transition from the country's first direct bank to Canada's leading digital bank with over two million clients.

"It has been an honour to be part of Tangerine and I am proud of what we have accomplished for our clients," said Aceto. "Tangerine's success is due in large part to the strength of its team. Brenda is an exceptional leader and is the right person to lead the organization and deepen the relationship it has with its customers."

Brenda Rideout joined Tangerine (formerly ING DIRECT) 17 years ago and has led many of the bank's most strategic initiatives including the launch of several direct banks internationally under ING Group, the brand transition to Tangerine and has been instrumental in growing the bank's Canadian presence.

"I'm excited to lead Tangerine," said Rideout. "Our purpose is to help Canadians live better lives by helping them make smart decisions with their money and we will continue to appeal to value-conscious Canadians while driving the bank's performance and remaining a client experience leader."

Rideout has held key roles on the Tangerine management team including Chief Strategy Officer, Chief Marketing Officer, Chief Information Officer and Chief Technology and Operations Officer.

"Brenda is an extremely talented, experienced and capable leader and we congratulate her on this important appointment," said James McPhedran, Executive Vice President, Canadian Banking, at Scotiabank. "We also thank Peter for his dedication and wish him well in his future endeavours."

"It has been a pleasure working with Peter. He's a tremendous leader and has been an important part of Tangerine's success. On behalf of the team, I'd like to thank him for his vision and leadership," said Rideout.

About Tangerine

Tangerine is a direct bank that delivers simplified everyday banking to Canadians. With over 2 million Clients and close to $38 billion in total assets, we are Canada's leading direct bank. Tangerine offers banking that is flexible and accessible, products and services that are innovative, fair fees, and award-winning Client service. From no-fee daily chequing and high-interest savings accounts, Credit Card, GICs, RSPs, TFSAs, mortgages and mutual funds through its subsidiary, Tangerine Investment Funds Ltd., Tangerine has the everyday banking products Canadians need. With over 1,000 employees in Canada, our presence extends beyond our website and Mobile Banking app to our Café locations, Pop-Up locations, Kiosks and 24/7 Contact Centres. Tangerine was launched as ING DIRECT Canada in 1997. In 2012 it was acquired by Scotiabank, and operates independently as a wholly-owned subsidiary.

For more information:

Media: Amy Cole, Tangerine, acole@tangerine.ca, 416-937-8745