10:16:11 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,204,829,080
Close 2016-09-21 C$ 70.73
Market Cap C$ 85,217,560,828
Recent Sedar Documents

Globe says Scotiabank has big plans for Tangerine

2016-09-22 08:01 ET - In the News

The Globe and Mail reports in its Thursday edition that Bank of Nova Scotia is raising its expectations for its Tangerine unit, floating the possibility it will launch a robo-advisory service and could expand the wholly owned digital bank internationally. The Globe's David Berman writes that most of the big banks have been cautious about launching their own robo-advisers, but many banks are considering the move. Bank of Montreal launched its on-line service, SmartFolio, in January; TD and Royal Bank have said that they are keeping their options open. Scotiabank bought Tangerine, then called ING Bank of Canada, in 2012 for $3.1-billion, noting the branchless operation was attractive for its deposits. While Tangerine's customers number about two million, Scotiabank believes that up to 12 million Canadians are amenable to doing their everyday banking with an institution that does not have much physical presence. Tangerine is now working to introduce more wealth-management capabilities, which is where a robo-adviser could fit in. Tangerine is a domestic Canadian brand, but that could change. "We are thinking actively about whether we will take it international, and in which markets," an official said.

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