NEW - April 3, 2006.
Scotiabank Closes Transaction to Buy Leading Canadian Mortgage Lender
Company Profile
With $120 million in equity and $1.6 billion in assets, Maple Trust is a growing national trust company focused on residential mortgage lending and deposit products. Originating residential mortgages and funding them with deposits is a business that generates high-quality assets for our parent company Scotiabank.
In addition to the traditional bank branch networks, new alternatives such as broker networks and electronic banking are now available to residential mortgage customers. This evolution has created an opportunity for Maple Trust – an organization with the critical mass and financial expertise to offer Canadians focused financial services, improved efficiencies and competitive prices.
New Name and National Reach
Formerly London Trust and Savings Corporation, Maple Trust Company is a fully licensed trust company regulated by the Office of the Superintendent of Financial Institutions (Canada), and is a member of the Canada Deposit Insurance Corporation (CDIC).
With the recent change in ownership and capital structure, Maple Trust is utilizing its national reach to make a major thrust into the qualified segment of the CMHC insured and conventional mortgage market.
The Future
We have rapidly grown our equity and asset base, improving our offerings to Canadians and providing the funds for future growth. While we will remain dedicated to our niche, we will expand our reach at the community level, from province to province throughout the country. |
