Raymond James Bank, a wholly owned subsidiary of Raymond James Financial, Wednedsay announced it has finalized its acquisition of the Canadian assets of Allied Irish Banks’ (AIB) Canadian operations through its Canadian subsidiary Raymond James Finance Co. of Canada Ltd.
“This initiative underscores our commitment to expand our existing corporate lending practice to other key markets outside of the United States,” says Steve Raney, president Raymond James Bank. “Canada is a natural fit for us and we benefit immediately because of the established strong presence of our Canadian investment dealer, Raymond James Ltd.”
Daniel Simunac, managing director and principal officer, will be responsible for the Canadian-based division of Raymond James Bank. He leads a team of five banking professionals all located in Toronto. The Canadian portfolio of Allied Irish Banks is comprised of approximately $507 million in loan commitments, of which $436 million is outstanding. The portfolio is highly diverse with loans across various sectors throughout Canada.
“This acquisition by Raymond James Bank gives us a unique opportunity,” says Paul Allison, chairman and CEO of Toronto-based Raymond James Ltd. “It adds to our existing platform as an important new capability to broaden and enhance our services for our corporate and institutional clients in Canada.”