11:19:53 EDT Fri 29 Mar 2024
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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,214,877,959
Close 2014-04-10 C$ 64.26
Market Cap C$ 78,068,057,645
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Globe says Scotiabank's ING settles on Tangerine

2014-04-11 09:04 ET - In the News

The Globe and Mail reports in its Friday edition Orange was already taken, so the Canadian arm of ING Direct settled on Tangerine. The Globe's Susan Krashinsky writes that as executives at ING Direct scanned hundreds of possible names, they knew that whatever they picked would need to stand out. When Bank of Nova Scotia announced its $3.1-billion deal to acquire the Canadian arm of Dutch bank ING Groep NV in August, 2012, it created a "branding" challenge. "It wasn't a situation where we were renaming a brand that was failing or obsolete," said Andrew Zimakas at the bank formerly known as ING Direct. "We were having to rename a brand that people generally really liked." Tangerine wants to maintain a brand that was built on being different from other banks, despite it being owned by Scotiabank. While Tangerine customers now get access to Scotiabank ATMs, the ads will have to keep "daylight" between Tangerine and its parent company, said Mr. Zimakas. That means very little presence of the Tangerine brand in Scotiabank branches; no red or other Scotiabank references in its new campaign. Executives pored over hundreds of names provided by the agency Lexicon Branding, before deciding on Tangerine.

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