TORONTO Jan 16 Bank of Nova Scotia
said on Wednesday that its ING Direct Canada unit will stop
issuing mortgages through brokers, due to overlap between ING
and Scotiabank's broker businesses.
Scotiabank, which has the largest Canadian broker-sourced
mortgage business, bought ING Direct from Dutch lender ING Groep
for C$3.1 billion ($3.15 billion) late last year.
ING Direct has Canada's No. 7 mortgage broker channel, and
will cease operating it next month, Scotiabank spokesman Andrew
Canadian banks issue mortgages directly to customers, but
most also issue them through independent brokers, though at
narrower margins.($1 = 0.9857 Canadian dollars)