Fairstone Financial launches its new name and brand with a unique commitment to flexibility and transparency
MONTREAL, April 3, 2017 /CNW/ - Fairstone Financial Inc. ("Fairstone"), formerly CitiFinancial Canada, is building on the company's long history of offering Canadians personalized and responsible loan solutions. In offering a customer-first, responsible approach to lending, Fairstone is committed to supporting its customers across the country as they make informed borrowing decisions.
"We're thrilled to launch our new Fairstone brand and to continue to grow and evolve our business," said Scott Wood, President and CEO of Fairstone Financial Inc. "As a community-based lender, Fairstone wants the best for our customers, and that means working closely with them to find the loan solution that's right for their needs."
Fairstone was recently purchased by J.C. Flowers & Co. LLC ("J.C. Flowers") and Värde Partners, global investors looking to strengthen the Fairstone brand as Canada's leading provider of affordable borrowing solutions. Fairstone's reputation is built on a solid foundation, with a history of lending in Canada dating back nearly 100 years and more than 200 branches in each province and two territories. Under new ownership, Fairstone will continue to provide personal loans and home equity loans to Canadians and partner with leading Canadian retailers to offer consumer financing programs. Fairstone's 1,400 employees provide a personal touch with a grounding in local communities across Canada and will remain central to Fairstone's high quality customer experience.
"Fairstone starts with a solid foundation of serving Canadians with a commitment to responsible lending and an understanding of the customer's needs," said Thomas Harding, Vice President, J.C. Flowers. "We are excited to work with the existing management team to build on that reputation and enhance the speed and ease of customer service through investment in digital capabilities."
"Through Fairstone we see tremendous opportunity to continue expanding the availability of affordable financing solutions to communities across Canada," said Aneek Mamik, Senior Managing Director and Head of North American Specialty Finance, Värde Partners. "We are excited to add such a strong and innovative business to our specialty finance portfolio."
Fairstone is Canada's leading non-bank provider of responsible lending solutions. With roots in Canada since 1923 and over 200 branches coast to coast, Fairstone provides personal loans and home equity loans designed to suit today's borrowing needs. Fairstone also partners with a wide network of businesses to deliver flexible consumer financing programs. Fairstone is proud to make a difference in the communities where we live and work, because community matters. Learn more at FairstoneCanada.ca.
About J.C. Flowers:
J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has invested more than $15 billion of capital in 47 portfolio companies in 17 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. With approximately $6 billion of assets under management, J.C. Flowers has offices in New York and London. For more information, visit jcfco.com.
About Värde Partners:
Värde Partners is a $12 billion global alternative investment firm that employs a credit-oriented, value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, corporate credit, mortgages, specialty finance, transportation and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs 250 people with main offices in Minneapolis, London and Singapore and additional offices around the world.
SOURCE Fairstone Financial Inc.
For further information: Fairstone Financial Inc., Mitchell Stein, 416-850-0467, firstname.lastname@example.org; Värde Partners, Paula Prahl, 952-715-5525, email@example.com