Canadian Western Bank has closed its acquisition of a 72.5% stake in Adroit Investment Management Ltd., the company announced on Monday.
The ownership interest in the Edmonton-based wealth management company, which was initially announced in October, is effective as of Nov. 1, 2008.
It is a strong strategic fit with Canadian Western Bank’s existing banking and trust operations, according to the company.
The transaction is expected to provide a modest positive earnings impact in fiscal 2009. It is part of the bank’s objectives to enhance revenue diversification and earnings growth.
Specific financial details have not been released. Estimated goodwill from the transaction will have a minor impact on the bank’s overall regulatory capital position.
Adroit’s executive management will retain a minority ownership in the company, with plans to continue pursuing growth of the business.
“Closing this acquisition represents a new line of business for the CWB Group,” said Larry Pollock, president and CEO of Canadian Western Bank in a statement. “We are excited to work with Adroit’s entire team as they continue to build on their history of strong investment performance and excellent service.”
IE
Canadian Western Bank closes deal for Adroit
Wealth management firm a new line of business for bank
- By: Megan Harman
- December 1, 2008 December 1, 2008
- 17:10