Launched as ING Direct Canada in 1997 but was acquired by Scotia in 2012 from Netherlands’ based ING Groep. It has always targeted the big banks’ customers offering an alternative to branch-based services. It currently has around 2 million customers including mortgage borrowers.
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Challenger bank Tangerine says it aims to add a million new customers to its growing business in the next few years. The bank, owned by Scotiabank, is already one of Canada’s largest mortgage lenders but wants to get bigger.