TORONTO, Nov. 16, 2011 /CNW Telbec/ - B2B Trust, a subsidiary of
Laurentian Bank (TSX: LB), announced today that, now that all required
regulatory authorizations have been received, it has finalized the
transaction via which it acquires 100% of M.R.S. Trust Company and
M.R.S. Inc. ("MRS Companies" or "MRS") from Mackenzie Financial
Corporation (Mackenzie Investments). The acquisition price at closing
is $199 million, based on a book value of shareholders' equity of $149
million and a premium of $50 million.
With the acquisition of MRS Companies, B2B Trust is a best-in-class
provider of products and services dedicated to the Canadian financial
advisor community. With $6 billion of loans, $10 billion in deposits
and $25 billion of assets under administration, B2B Trust is definitely
in a prominent position within this market, now serving some 22,000
financial advisors across Canada.
"I am very pleased to announce that the acquisition of MRS Companies is
finalized today," said Mr. François Desjardins, President and Chief
Executive Officer of B2B Trust. "Thanks to this transaction, B2B Trust
will now be offering its clients an even more comprehensive range of
quality products and services. In line with our commitment to service
excellence, this acquisition enables us to offer financial advisors the
most complete and effective banking solutions possible. I would also
like to take this opportunity to welcome the employees of MRS
Companies, along with advisors and dealers who have not previously done
business with B2B Trust."
Financial advisors and their clients will be informed of the different
stages of the integration process over the coming months. In
implementing its integration strategy, B2B Trust management is
dedicated to ensuring that the process is as harmonious as possible for
both clients and partners alike.
About B2B Trust
B2B Trust provides advisors with superior financial products and
services for distribution to their clients across Canada. The company
is a leading third-party supplier of investment and RRSP loans, a
premier supplier of wholesale deposit products, and a long-time
provider of self-directed accounts, banking services and mortgage
loans. With its head office located in Toronto, B2B Trust has regional
representatives offering its products and services across Canada. It is
a federally chartered trust company and wholly-owned subsidiary of
Laurentian Bank of Canada, a banking institution providing its clients
with a diversified range of financial services from coast to coast.
More information about B2B Trust is available online at b2btrust.com.
SOURCE LAURENTIAN BANK OF CANADA
For further information:
Public Affairs, Communications and Investor Relations
B2B Trust / Laurentian Bank
514 284-4500, extension 7511