TORONTO, Aug. 12, 2015 /CNW Telbec/ - B2B Bank, a subsidiary of Laurentian Bank (TSX: LB), announced today that an agreement has been reached to acquire a $603 million investment loan portfolio from TD Bank Group (TD).
This strategic acquisition solidifies B2B Bank's position as a leader in the field of investment lending. With this transaction, B2B Bank's portfolio of investment loans amounts to almost $5 billion.
The acquisition of this portfolio of loans confirms B2B Bank's commitment to the advisor community and solidifies its leadership in the investment lending space. With this acquisition, B2B Bank welcomes more than 5,000 new customers. The account conversion is expected to take place in the fall; until then, TD will continue to perform account administration services as usual. Both B2B Bank and TD are committed to ensuring a smooth transfer of business with minimal disruption to clients.
About B2B Bank
B2B Bank is a leading provider of banking products to more than 27,000 financial advisors and brokers across Canada. Through the professional advisor and broker channels, it offers a broad range of products and services to consumers including: investment and RSP loans, mortgages, GICs, banking services, and investment accounts and services through B2B Bank Dealer Services. B2B Bank has been proudly dedicated to serving the needs of its clients for more than a decade, and it continues to provide innovative products and solutions that help advisors and brokers build rewarding relationships with their clients. B2B Bank is a Schedule I bank with $12 billion in consumer deposits, $9 billion in loans and mortgages, and close to $33 billion in assets under administration. B2B Bank is a member of industry associations serving the financial community and is also a member of the Canada Deposit Insurance Corporation (CDIC). For more information please visit b2bbank.com.
SOURCE B2B Bank
For further information: Gladys Caron, Vice-President, Public Affairs, Communications and Investor Relations, B2B Bank / Laurentian Bank, 514-284-4500, extension 7511, [email protected]