Securities regulators have approved Canadian Western Bank’s (TSX:CWB) purchase of a controlling stake in McLean & Partners Wealth Management Ltd.
The Investment Industry Regulatory Organization of Canada (IIROC) announced that its Alberta District Council has approved Edmonton-based CWB’s bid to acquire a significant equity interest in Calgary-based McLean & Partners.
As a result of the deal, CWB will own 54.6% of the common shares of McLean’s sole shareholder, 1081937 Alberta Ltd., giving it indirect control of the investment firm.
Terms of the transaction, which was announced in late April, were not disclosed.
CWB acquires McLean & Partners
McLean & Partners management retains 45% of the firm and pledges to continue growing the business. The deal gives CWB revenue diversification, and earnings from less capital intensive sources.