Canadian Western Bank to acquire wealth management firm

    EDMONTON, Oct. 20 /CNW/ - Canadian Western Bank (CWB or "the Bank") today
announced it has signed a definitive agreement to acquire for cash, 72.5%
ownership of Adroit Investment Management Ltd. (Adroit), an Edmonton-based
firm specializing in wealth management for individuals, corporations and
institutional clients.
    With assets under management approaching $1 billion, Adroit's financial
products and services are an excellent strategic fit with CWB's existing
banking and trust operations. This transaction, subject to regulatory
approval, is expected to provide a modest positive earnings impact at the
onset. It also supports a key strategic objective to enhance the Bank's
revenue diversification and earnings growth. The transition of ownership
should be essentially seamless with no disruption to customers or employees.
Adroit's executive management remains committed to continue building this
business and will retain a minority ownership in the company. Specific
financial details have not been released. Estimated goodwill from the
transaction will have a minor impact on the Bank's overall regulatory capital
    "Adroit is recognized for its history of strong performance and its
commitment to superior customer service, fundamentals very similar to those of
the Bank," said Larry Pollock, President & CEO of CWB. "We are excited to
welcome Adroit's entire team of professionals and look forward to working with
them as we continue to add value for clients and CWB shareholders," added
    "This is a tremendous opportunity for Adroit to join forces with a
premier financial institution in Western Canada," said Val Vaillant, President
and co-founder of Adroit. "CWB brings strong brand recognition, financial
strength and a wealth of expertise in regulatory matters, systems and human
resources. While building our existing client relationships will remain a top
priority, we also look forward to extending our services and expertise to the
Bank's customers and contacts."

    About Canadian Western Bank

    Canadian Western Bank offers highly personalized service through 35
branch locations and is the largest publicly traded Schedule I chartered bank
headquartered in and regionally focused on Western Canada. The Bank, with
total balance sheet assets of more than $10.0 billion and assets under
administration of over $4.0 billion, specializes in mid-market commercial
lending and offers a full range of retail services. Trust services to
independent financial advisors, corporations, income trusts and individuals
are provided through the Bank's wholly owned subsidiaries, Canadian Western
Trust Company and Valiant Trust Company. Canadian Direct Insurance
Incorporated is a wholly owned subsidiary providing personal auto and home
insurance to customers in British Columbia and Alberta. The common shares of
Canadian Western Bank are listed on the Toronto Stock Exchange under the
trading symbol 'CWB'. Refer to for additional information.

    About Adroit Investment Management Ltd.

    Adroit Investment Management Ltd. (Adroit) is an Edmonton-based firm
specializing in wealth management for individuals, corporations and
institutional clients. Founded in 1993, Adroit's disciplined investment
philosophy combines both a quantitative and qualitative approach with a goal
towards achieving superior risk-adjusted returns over time, compared to
relevant market indices. Refer to for additional

For further information:

For further information: Larry M. Pollock, President and Chief Executive
Officer, Canadian Western Bank, Phone: (780) 423-8888; Kirby Hill, CFA,
Assistant Vice President, Investor and Public Relations, Canadian Western
Bank, Phone: (780) 441-3770, E-mail:

Organization Profile

Canadian Western Bank

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890