Canadian Western Bank and Valiant Trust Co. (today announced that CWB has agreed to acquire 100% ownership of Valiant by purchasing all the shares of the holding company Corporate Shareholder Services Inc. (CSS) for cash.

Financial terms were not disclosed.

The transaction is expected to close within two weeks, subject to certain terms and conditions including acceptance by all of the shareholders of CSS.

Based in Calgary, Valiant is a non-deposit taking specialty trust company providing stock transfer and corporate trustee services to public companies and income trusts. Valiant also offers stock transfer services through sub- agencies in Toronto, New York and London.

CWB says it expects the acquisition to be slightly accretive to earnings in its current fiscal year.

The acquisition further enhances trust product and service offerings currently offered by CWB’s trust subsidiary, Canadian Western Trust (CWT). The company says there is a clear opportunity to significantly grow and develop Valiant’s core business in both Alberta and western Canada.

Zinat Damji said, “I am very excited about the growth potential for Valiant’s trust services with the new ownership and increased corporate recognition that comes with the Canadian Western name,” said Zinat Damji, president and founder of Valiant.

“Public companies in western Canada will now have an excellent broad-based corporate trust alternative. Service offerings will include shareholder services, indenture trust as well as tax deferred products for company executives and employees and will broaden our focus on the commercial/corporate marketplace,” added Adrian Baker, VP and general manage of CWT.

http://www.newswire.ca/en/releases/archive/April2004/21/c3258.html