Scotiabank has concluded the acquisition of ING DIRECT Canada from Netherlands ING Group,

Canada-based Scotiabank has concluded the acquisition of ING DIRECT Canada from Netherlands ING Group, following the receipt of all regulatory approvals.
Acquisition follows an agreement signed between the two parties for a total cash consideration of C$3.1bn (€2.5bn) in August 2012.
Commenting on the deal, Scotiabank Group Canadian Banking head Anatol von Hahn said the acquisition supports the firm's strategic goals and enables to broaden its funding base, while ING DIRECT's revenues and earnings support the overall growth objectives.
"ING DIRECT will continue to operate as a separate and distinct wholly-owned subsidiary, providing low cost and highly competitive products to self-directed customers," Hahn added.
Both organisations will remain distinct in the initial stages and changes to name or branding of ING DIRECT will not happen in the next few months, but options will be explored in future.
ING is selling its direct banking businesses to streamline operations and repay the state aid it received during the 2008 financial crisis.
With assets of $670bn as at 31 July 2012, Scotiabank manages over 81,000 employees and serves about 19 million customers in morethan 55 countries across the globe through its affiliates.

annuity

A series of payments, which may be subject to increases, made at stated intervals untilthe end of the agreed period or the life of the annuitant. This is often achieved by means of an insurance policy underpinned by guarantees.

approved scheme

The term used until recentlyby HMRC to describe those schemes meeting the requirements which entitle them to the tax privileges associated with pension funding. Now known as registered schemes.

assessment date

The date of the employer's insolvency, and the date on which the Pension ProtectionFund assessment period starts

augmentation

The provision of additional benefits offered to members of a DB scheme, normally where the cost is borne by the scheme and/or the employer.

Additional voluntary contribution. (AVC)

Contributions over and above a member's normal contributions if any, which the member elects to pay to an occupational pension scheme in order to secure additional benefits.

Additional voluntary contribution. (AVC)

Contributions over and above a member's normal contributions if any, which the member elects to pay to an occupational pension scheme in order to secure additional benefits.

back end loading

An arrangement between trustees and employer allowing the employer to make good a deficit by paying the extra contributions needed in unequal instalments. The early instalments will be smaller than the later ones. This expression is used in relation to the recovery plan.

basic state pension (BSP)

The flat rate (not earnings related) state pension paid toall who have met the minimum NI contribution requirements, their spouses, subject to certain conditions, and widow(er)s.

benchmark

A measure against which fund management performance is to be judged.A series of appropriate indices is chosen which reflects the requirements of the trustees. Usually a target is set which requires an agreed percentage better performance from the fund manager than the benchmark.