CWB finalizes its investment in McLean & Partners
EDMONTON, May 21, 2013 – Canadian Western Bank (CWB or the Bank) today announced it has closed its previously announced investment of 55% ownership in McLean & Partners Wealth Management Ltd. (McLean & Partners). The finalized transaction is effective May 17, 2013.
McLean & Partners is a Calgary-based firm specializing in wealth management for high net worth individuals. With assets under management approaching $1 billion, the investment strategies and services of McLean & Partners are an excellent strategic fit with CWB’s existing banking, trust and wealth management operations. The transaction supports a key strategic objective to enhance CWB’s revenue diversification and earnings contributions from less capital intensive sources. Specific financial details of the all-cash transaction were not released. At the outset, the transaction is not expected to have a material impact on CWB’s overall regulatory capital position or adjusted earnings per common share.
About McLean & Partners
McLean and Partners Wealth Management is a Calgary-based investment company, offering portfolio management services to affluent families since 1999. Managing close to $1 billion, the company develops custom portfolios through segregated and private investment strategies encompassing global equities, fixed income and market alternative investments. For additional information visit www.mcleanpartners.com.
For further information contact:
Kirby Hill, CFA
Director, Strategy & Communications
Canadian Western Bank
Phone: (780) 441-3770