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ING Canada may be spun off or sold

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ING Canada may be spun off or sold

May 4, 2009
9:06 pm

Nightowl

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ING Bank of Canada could be spun off or sold as its European parent seeks to raise cash after being bailed out by the Dutch government.

http://www.financialpost.com/s.....id=1562738

May 6, 2009
1:33 pm

angel

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So what is the implication of this to its customers? Is it something that I should be worried about? I have a term GIC deposits with them for 2 years. Do you think I should withdraw my money?

May 6, 2009
1:44 pm

Craig

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Why? All Canadian-Dollar-Denominated deposits (including GICs) are CDIC-insured for up to $100,000.

May 13, 2009
6:33 pm

Hussain

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This is something you should be very worried about. ING Group is in desperate need of cash and word on the street is ING DIRECT Canada along with other ING DIRECT units could be spun off or sold.

ING DIRECT Canada has been unable to break into the traditional banking products other much larger banks offer. From my research ING DIRECT Canada has less than 10% of the savings deposit market in Canada.

Some thoughts to ponder

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