Scotiabank Closes Transaction to Buy Leading Canadian Mortgage Lender
TORONTO, April 3, 2006 – Scotiabank today announced the Bank has received regulatory approval to close its transaction to buy the mortgage business of Maple Financial Group Inc., including Maple Trust Company, a national leader in mortgage lending.
The acquisition improves Scotiabank's ranking to No. 3 from No. 4 in Canada's overall mortgage market and doubles the Bank's mortgage originations through the broker channel – where mortgages are acquired through brokers.
"This transaction is an excellent strategic fit for both companies," said Rick Waugh, Scotiabank President and Chief Executive Officer (CEO). "Our goal is to build a stronger, more competitive institution, while presenting exciting opportunities for employees, customers and shareholders alike."
Maple Financial Group's mortgage business includes about $7.9 billion in mortgages under administration and more than 43,000 mortgages outstanding. Maple Trust is a national trust company focused on residential mortgage lending and deposit products. With nearly 200 employees, Maple Trust ranks among the top five lenders in the low-risk, insured mortgages segment.
"This acquisition is in line with Scotiabank's strategy to grow and further strengthen its position as a leading provider of mortgage financing in Canada," said Alberta Cefis, Scotiabank Executive Vice-President, Domestic Personal Lending and Insurance. "In keeping with these goals, the focus is on preserving employment and cultivating the talent and expertise needed to expand the business."
Scotia Capital was the Bank's exclusive financial advisor for the transaction.
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 50,000 employees, Scotiabank Group and its affiliates serve about 10 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With $325 billion in assets (as at January 31, 2006), Scotiabank trades on the Toronto (BNS) and New York (BNS) Stock Exchanges. For more information please visit www.scotiabank.com.
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For more information please contact Frank Switzer at Scotiabank at (416) 866-7238 or frank_switzer@scotiacapital.com.
Scotiabank Acquires Leading Canadian Mortgage Lender
TORONTO, Feb. 14 /CNW/ - Scotiabank today announced a definitive agreement to buy the mortgage business of Maple Financial Group Inc., which includes Maple Trust Company, a national leader in mortgage lending.
"Scotiabank's acquisition of this business demonstrates our commitment to finding opportunities to drive revenue growth," said Rick Waugh, Scotiabank President and Chief Executive Officer (CEO). "This is an excellent opportunity to build on our strong position as a leading provider of mortgage financing for Canadians."
The deal improves Scotiabank's ranking to No. 3 from No. 4 in Canada's overall mortgage market, doubling originations through the mortgage broker channel - where the Bank acquires mortgages through brokers. Maple's mortgage business has $7.5 billion in mortgages under administration and more than 42,000 mortgages outstanding.
"This transaction will ultimately improve overall service levels for customers at both institutions," said John Webster, President and Chief Executive Officer, Maple Trust Company. "Maple Trust customers in particular will benefit from Scotiabank's broader range of product, service and delivery channel options."
Maple Trust is a national trust company focused on residential mortgage lending and deposit products. With nearly 200 employees, Maple Trust is a leading mortgage lender and one of the top five lenders in the low-risk insured segment. The acquisition also includes $1 billion in deposits. The purchase price for the shares of Maple Trust was $233 million.
A subsidiary of Maple Financial Group, a Canadian based, privately held organization that provides a range of banking, securities, trust and financial services, Maple Trust is a national brand, with the majority of its customers in Ontario, Alberta and British Columbia.
"It will be business as usual at Maple Trust and Scotiabank," said Alberta Cefis, Scotiabank Executive Vice-President, Domestic Personal Lending and Insurance. "Maple Trust and Scotiabank employees will be working closely together to ensure the integration not only combines the best of both organizations, but also guarantees we continue to provide high quality service for our customers."
Scotia Capital was the Bank's exclusive financial advisor for the transaction. The acquisition is subject to regulatory approval.
Maple Partners Acquires London Trust
Maple Partners Financial Group Inc. ("Maple Partners") through its wholly owned subsidiary Maple Partners Bankhaus, a German bank, purchased London Trust & Savings Corporation in March 1999.
The new entity is known as Maple Trust Company. With the change in ownership Maple Trust’s capitalization will be significantly increased and it is now a federally regulated trust company.
Maple Partners is a Canadian company which has had 12 years of continuous quarterly profitability dating back to 1986. Maple Partners became an independent entity in 1997 to carry on the business of the Financial Products Group, a division of First Marathon Inc. In addition to First Marathon its shareholders include Ontario Teachers’ Pension Plan Board, Canada’s largest pension fund, Sax Finance, and its own management. Maple Partners currently operates with $285 million in capital, $12 billion in assets and 200 employees in offices in Toronto, Frankfurt, London and New Jersey.
CDIC Announces Member Institution Changes
Ottawa, 29 April 1999 - Canada Deposit Insurance Coproration (CDIC) announces changes to its list of member institutions:
Effective March 25, 1999, London Trust & Savings Corporation changed its name to Maple Trust Company. For deposit insurance purposes, eligible deposits made with London Trust & Savings Corporation before the change of name are added to any eligible deposits made subsequently with Maple Trust Company, and the resulting total is insurable to a maximum of $60,000 per depositor. |
