QUEBEC CITY, July 12, 2016 /CNW Telbec/ - iA Financial Group (Industrial Alliance Insurance and Financial Services Inc.) has completed the acquisition of BMO Group Retirement Services Inc. ("GRS"), the former BMO Financial Group subsidiary offering recordkeeping and administrative services for group retirement plans. This transaction falls under iA Financial Group's growth strategy.
"Our Group Savings and Retirement sector is proud to contribute to our company's growth through this acquisition, which comes following eight others announced by iA Financial Group and its subsidiaries since the beginning of 2015," states Renée Laflamme, Executive Vice-President, Group Benefits and Retirement Solutions. "This demonstrates the important role of acquisitions in the continued success of our initiatives to grow our organization."
"The expertise and agility we have acquired in integrating new groups over the last few years, combined with the close collaboration of BMO, has enabled us to offer these new clients an exceptionally smooth transition. We are very pleased to welcome them and want them to know they can count on high-quality, professional service from everyone on our teams," affirmed Nancy Dion, Senior Director, Administration, Group Savings and Retirement.
Group retirement plan transfers began on March 22 and are being carried out over a 120-day transition period, after which GRS's business operations will be wound up. Disclosure of further details is not required given the relative impact of this transaction with respect to iA Financial Group's capital and net income.
About Group Savings and Retirement
Group Savings and Retirement has been administering pension funds for over 60 years. It offers a wide range of products and services adapted to the needs of savings and retirement plan members. With regional offices across Canada, it is one of the largest group savings and retirement service providers in the country.
About iA Financial Group
Founded in 1892, iA Financial Group offers life and health insurance products, mutual and segregated funds, savings and retirement plans, RRSPs, securities, auto and home insurance, mortgages and car loans and other financial products and services for both individuals and groups. It is one of the four largest life and health insurance companies in Canada and among the largest publicly traded companies in the country. iA Financial Group stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.
SOURCE Industrial Alliance Insurance and Financial Services Inc.
For further information: Pierre Picard, Manager, Public Relations, Phone: 418-684-5000, ext. 1-1660, Email: [email protected], Website: www.ia.ca