Toronto-based Vancity\u202fCommunity Investment Bank (VCIB),\u00a0 a subsidiary of Vancouver City Savings Credit Union, will bolster the bank’s impact investing capabilities by buying Montreal-based green investment platform CoPower\u202fInc., VCIB announced Thursday.<\/p>\n

The transaction brings together a bank devoted to financing affordable housing with a platform that finances environmentally friendly projects through green bonds that are available to retail investors. Financial terms of the deal were not disclosed.<\/p>\n

VCIB says that the deal will enable it to expand its loan offerings to include clean energy and green building initiatives. At the same time, CoPower’s\u202ffocus on creating impact investment products for retail investors will enable new funding sources for the bank.<\/p>\n

“Our mission has always been to move money for the clean energy transition. As a subsidiary of VCIB, we’ll be able to better serve the needs of clean energy developers while delivering a powerful range of investment products for\u202finvestors looking to earn a strong return, and supporting projects that are green, inclusive and affordable,” said David Berliner, founder of\u202fCoPower, in a statement.<\/p>\n

The deal, which has been approved by the\u202fAutorit\u00e9\u202fdes marches financiers (AMF) and the federal Minister of Finance, is expected to close later this month.<\/p>\n

“Climate change and housing affordability are two of the most critical challenges facing our communities, and we believe the financial industry can and should play a key role in enabling and shaping ambitious solutions,” said Jay-Ann Gilfoy, CEO of\u202fVCIB, in a statement.<\/p>\n

“VCIB and\u202fCoPower\u202fhave been leading the way; together we\u202fwill\u202fmake a powerful combination, giving Canadians more opportunities to bank on change,” she added.<\/p>\n","protected":false},"excerpt":{"rendered":"

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