MONTRÉAL, July 15, 2015 /CNW Telbec/ - Finance Montréal and IFC Montréal announce that the members of both organisations have approved the merger of their activities. The merged entity is named "Finance Montréal". Business development and promotion activities of Montréal's financial services industry which were previously under the responsibility of IFC Montreal will now be handled by Finance Montréal. This milestone formalises the reality on the ground since both organisations have been working together for three years to the fulfilment of their respective mission by sharing human and material resources. The merger is also a response to the request presented by the Government of Québec in its March 26, 2015 budget in which it expressed its will for Finance Montréal to regroup and continue the activities of IFC Montréal. No job loss directly linked to this merger is anticipated.
"Today we reach an important milestone by completing the legal and administrative merger of Finance Montréal and IFC Montréal" says Mr. Claude Séguin, Chairman of the Board of Finance Montréal. "Members of both organisations have recognised the advantages associated with the merger. Grouping our forces is logical and will facilitate reaching our objectives of developing and promoting Montréal and Québec's financial services industry. On behalf of the Board, I wish to thank Mr. Jacques Girard, outgoing Chairman of the Board of IFC Montréal, as well as all the Directors of this corporation for their good work and sound governance. The Board also wishes to thank the Government of Québec who maintains its support towards Finance Montréal in the context of this merger".
Mr. Mario Albert will continue to act as Chief Executive Officer of Finance Montréal. "The Board reiterates it full confidence in Mr. Albert and in all the Finance Montréal team to maximize potential synergies arising from the merger and to execute the strategy to develop and promote Québec's financial services industry" concludes Mr. Séguin.
About Finance Montréal
Finance Montréal, Québec's financial cluster, was created in 2010 by institutions in the financial services industry at the invitation of the Québec Government. Finance Montréal's mission is to enhance Montréal's reputation as a strong, innovative and world-class financial hub. The organization helps strengthen Québec's financial sector by generating growth in high-value-added financial activities strategic to its development. Finance Montréal brings together 23 Governor Members, 14 Associate Members and close to 300 volunteer professionals. It fosters cooperation among a vast range of financial sector companies to watch over the industry's common interests while raising awareness of the financial specializations found in Montréal. To learn more about Finance Montréal, visit www.finance-montreal.com.
SOURCE Finance Montréal
For further information: Matthieu Cardinal, Director of Communications, Finance Montréal, 514 287-1540 ext. 227, [email protected]