Scotiabank has reached an agreement to purchase ING Bank of Canada from Netherlands-based ING Group for $3.1 billion in cash. The deal, which remains subject to regulatory approval, is expected to close by December. According to Scotiabank, ING Canada will operate with its current branchless business model as a distinct, wholly-owned subsidiary that will provide continuity to its 1.8 million customers. The subsidiary will continue to use ING Direct branding under licence from its former parent company. According to Scotiabank, future branding will "reflect the type of experience that customers receive now."