ING Bank of Canada Announces Redemption of Floating Rate Subordinated Notes due December 5, 2016

TORONTO, Jan. 7, 2013 /CNW/ - ING Bank of Canada, a wholly owned subsidiary of Scotiabank (BNS: TSX, NYSE),  today announced that it intends to redeem all outstanding Floating Rate Subordinated Notes due December 5, 2016 (the "Notes") for 100% of their principal amount plus accrued interest to the redemption date. The redemption will occur on March 5, 2013.

About ING DIRECT

ING Bank of Canada, operating under the trade name of ING Direct, is a wholly owned subsidiary of Scotiabank.  ING DIRECT is Canada's leading direct bank with over 1.8 million Clients and close to $40 billion in total assets. ING DIRECT is the bright way forward in everyday banking for Canadians, offering value added, simple products such as high interest savings accounts, including TFSAs, GICs and RSPs with no fees or service charges, low rates on mortgages and a no-fee, daily chequing account that actually pays interest. Low cost, index based mutual funds are sold through ING DIRECT Funds Limited. ING DIRECT has been operating in Canada since 1997, and paid more than $5 billion in interest to Clients. ING DIRECT is open for banking 24 hours a day, 7 days a week, at ingdirect.ca, on mobile devices at m.ingdirect.ca or by calling 1-800 ING DIRECT (1-800-464-3743).

SOURCE: ING DIRECT

John Calvieri,
VP Head of Treasury
[phone]
[email protected].