TORONTO, June 27, 2013 /CNW/ - Equitable Group Inc. (TSX: ETC and ETC.PR.A) today announced that it has received approval from the Minister of
Finance to continue its wholly owned subsidiary, The Equitable Trust
Company, as a Schedule I bank called Equitable Bank in English and
Banque Équitable in French, effective July 1, 2013.
Converting The Equitable Trust Company into Equitable Bank is part of a
strategy to strengthen the Equitable brand, established in 1970, to
appeal to a new generation of financial services customers.
"Equitable's conversion to a Schedule I bank will elevate our standing
with Canadian depositors, deposit brokers, borrowers and mortgage
brokers," said Andrew Moor, President and Chief Executive Officer.
"While the conversion does not alter our business model, market focus,
required capital levels, risk tolerance or proven economics, it does
represent an important evolution that should improve our long-term
competitiveness and growth prospects in the Canadian financial services
Equitable announced its intention to apply to the Office of the
Superintendent of Financial Institutions Canada ("OSFI") and to the
Minister of Finance, Canada for consent to make this change in February
"Canada has some of the world's most stringent banking standards and the
fact that we received our Letters Patent to continue business as a bank
in this short period of time reflects Equitable's long-standing status
as a regulated financial institution under the Trust and Loans
Companies Act," said Mr. Moor. "As such, the conversion application was
inexpensive and generally straightforward. However, I would like to
thank the Equitable team and professional advisors for their hard work
and let our customers know that as Equitable Bank, we will maintain the
level of service excellence and responsiveness that they have come to
know and expect of us over the years as a Canadian trust company
Key Equitable Milestones
1970: The Equitable Trust Company founded in Toronto and licensed under the
predecessor statute of the Trust and Loan Companies Act (Canada) to
offer residential mortgages to purchasers of properties located
primarily in the GTA and mortgage financing for commercial properties
on a selective basis.
2004: Equitable Group Inc. created to serve as the holding company of The
Equitable Trust Company and subsequently taken public on the Toronto
Stock Exchange in an initial public offering of common shares.
2005: Equitable begins to serve single family home buyers and mortgage brokers
2008: Equitable expands its single family lending to Winnipeg and surrounding
2010: Equitable opens an office in Montreal and begins to serve the
commercial mortgage market in Quebec and enters the residential market
in British Columbia.
2011: Expansion of residential lending in Regina and Saskatoon.
2012: Equitable begins to serve single family home buyers and mortgage brokers
in the Greater Halifax area, thus becoming a coast-to-coast single
family mortgage lender.
About Equitable Group Inc.
Equitable Group Inc.'s shares are traded on the Toronto Stock Exchange
under the symbols ETC and ETC.PR.A. Effective July 1, 2013, please
visit www.equitablebank.ca for more information.
This press release contains "forward-looking statements" within the
meaning of the applicable Canadian securities legislation, including
statements found in the management commentary above. Generally,
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budgeted", "scheduled", "planned",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or
state that certain actions, events or results "may", "could", "would",
"might", or "will be taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
closing of transactions, performance or achievements of the Company to
be materially different from those expressed or implied by such
forward-looking statements, including but not limited to risks related
to capital markets and additional funding requirements, fluctuating
interest rates and general economic conditions, legislation and
regulatory developments, the nature of our customers and rates of
default and competition as well as those factors discussed in
Equitable' s documents filed on SEDAR (www.sedar.com).
Although Equitable has attempted to identify important factors that
could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Equitable does not
undertake to update any forward-looking statements that are contained
herein, expect in accordance with applicable securities laws. See
Equitable's continuous disclosure documents for further information on
SOURCE: Equitable Group Inc.
For further information:
President and Chief Executive Officer
Vice President and Chief Financial Officer