January 16, 2013 / 9:36 PM / in 5 years

ING Direct to cease broker mortgages, Scotiabank says

TORONTO, Jan 16 (Reuters) - 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 Chornenky said.

Canadian banks issue mortgages directly to customers, but most also issue them through independent brokers, though at narrower margins.($1 = 0.9857 Canadian dollars)

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