MONTREAL, June 16 /CNW Telbec/ - Beginning July 23, 2010, National Bank Correspondent Network (NBCN Inc.) (hereby called NBCN), a subsidiary of National Bank Financial Inc., will provide a suite of clearing, settlement, custody and operational support services to Industrial Alliance Securities Inc. (IA Securities), a subsidiary of Industrial Alliance Insurance and Financial Services Inc.
IA Securities determined that by outsourcing its back-office to NBCN, it would be better positioned to manage for growth, realize new operational efficiencies through NBCN's automated operations processing and take advantage of cost savings afforded by NBCN's size and scale.
"At IA Securities, we strive to deliver the highest level of service to our Investment Advisors and investor clients," commented Lise Douville, President of IA Securities. "In NBCN, we have found a partner that shares that view and is committed to helping us deliver on the vision through its strong focus on service and technology. Outsourcing to NBCN presents a tremendous opportunity to make the business stronger."
"IA Securities is an acknowledged leader in their domain and we are very pleased to contribute actively to its future success," said David Burnes, Executive Vice-President and Chief Operating Officer of NBCN. "This decision further establishes NBCN as the leading provider within the Canadian clearing marketplace. NBCN's flexible service model and national footprint work well with IA Securities' business model and future growth plans."
About IA Securities
Industrial Alliance Securities Inc. is a full-service brokerage firm. It offers advisory and brokerage services in stocks, bonds and mutual funds to individuals and institutions. It also operates a capital markets division, performing corporate financing, research and negotiations of securities. Created in 2002, IA Securities administers over $2.2 billion in assets. It is a member of IIROC and the Canadian Investor Protection Fund. IA Securities is a wholly owned subsidiary of Industrial Alliance Insurance and Financial Services Inc., the fourth largest life and health insurance company in Canada.
Founded in 1990, NBCN Inc. is the first and largest supplier of third-party administrative and support services to the Canadian financial services industry. NBCN administers over $50 billion on behalf of more than 100 Canadian financial services firms, including more than 65 IIROC-licensed firms like IA Securities, ranging from small boutiques, financial planners and investment counsellors, to large integrated companies.
SOURCE INDUSTRIAL ALLIANCE SECURITIES INC.
For further information: For further information: David Burnes, Executive Vice-President & Chief Operating Officer, NBCN Inc., Telephone: 416 869-6695, Email: firstname.lastname@example.org; Lise Douville, President, Industrial Alliance Securities Inc., Telephone: 514 287-9240, Toll free: 1 800 361-7465, Email: email@example.com