What is the nature of Tangerine’s relationship with Scotiabank in Canada?

On November 15, 2012, Scotiabank (also known as the Bank of Nova Scotia) purchased ING DIRECT Canada from ING Group, its previous parent company. Here's a bit more information about the relationship:

Let's begin with some details about who Tangerine is. Tangerine is the operating name of Tangerine Bank, a chartered bank regulated by the Office of the Superintendent of Financial Institutions (OSFI). We are a member of Canada Deposit Insurance Corporation (CDIC).

Since 1997, Tangerine has been helping Canadians live better lives by providing a different way of banking – one that is based on giving Clients value for their hard-earned money. We do this through excellent service and simple, transparent, innovative products.

Now that Tangerine and its subsidiaries are wholly owned by the Bank of Nova Scotia, we are no longer affiliated with ING Groep N.V. (the legal name of ING Group). We are an independently operated subsidiary of Scotiabank. However, our values and our commitment to Canadians remains the same as always.

Your banking experience with Tangerine is distinct and separate from Scotiabank, as the two banks operate independently.