Sun Life Financial (TSX:SLF) and National Bank (TSX:NA) are forming a strategic partnership that will give Sun Life Financial advisors access to a wide range of National Bank lending products for clients, the two companies said Thursday.
\u201cAccess to these National Bank products, along with Sun Life Financial\u2019s industry-leading life insurance, health insurance and wealth management products, positions our advisors to continue to meet the complex financial needs of Canadians,\u201d says Kevin Strain, senior vice president, individual insurance and investments, Sun Life Financial Canada.
\u201cThis exciting partnership with Sun Life is a great example of National Bank\u2019s strategy to further its expansion in select markets through strategic alliances. The objective is to grow National Bank\u2019s third-party distribution by developing partnerships that can quickly deliver a competitive and comprehensive value proposition, including a suite of lending products,\u201d adds Martin Lavigne, senior vice president, third-party business solutions, National Bank Financial Group.
Working with over 3,000 Sun Life Financial advisors, clients will now be able to choose from a wide spectrum of National Bank brand products, including:
\u2022 an RRSP loan program, starting in November 2009;
\u2022 the \u201cAll-In-One\u201d account and conventional mortgages, on an advisor referral basis, beginning in March 2010; and
\u2022 investment loans in the spring of 2010.
With the partnership, Sun Life says its clients will now enjoy:
\u2022 the ability to consolidate their consumer debts at a competitive interest rate;
\u2022 a consolidated view of all of their cash management activities in one monthly statement;
\u2022 free, unlimited electronic transactions; and
\u2022 a minimum amount of $25,000 to open a line of credit.
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