By Scott Ronalds

Scotiabank announced yesterday that it has reached an agreement to buy ING Bank of Canada for $3.1 billion. ING (Canada) put itself up for sale earlier this summer because its parent, Dutch-based ING Groep NV, is looking for funds to repay government aid it received during the financial crisis.

The ING assets fetched top dollar, but a key question is how many clients will take their business elsewhere as a result of the sale. The Globe and Mail published an interesting article the other week on the topic - Fee Averse Clients Pose Hurdle to ING Sale.

ING has always been an alternative to the Big Banks, and it positioned and marketed itself well in this respect. It developed and fostered an “anti-bank” personality and was innovative and unique in a conservative industry. Its clients loved being part of something different. Now that it’s poised to be owned by a bank, it will be interesting to watch the transition.

There’s no denying that ING has a passionate client base. Many customers have already voiced displeasure with the transaction through comments posted to various online articles on the takeover, including the above-mentioned Globe article and a CBC piece published yesterday. Below are a few examples:

First thing I am doing next week is closing my ING account.

I will be one of the clients leaving if one of the big six take it over...

Dear Big Banks, The moment I hear you buy ING, I will be withdrawing my money and be gone...

Oftentimes when a takeover of this nature in the investment industry is announced, the initial reaction of clients tends to be heated and emotional. Fewer assets tend to leave the door, however, than the public's reaction may suggest.

Time will tell how “sticky” ING’s assets are.