CWB completes acquisition of Canadian franchise financing assets of GE Capital
EDMONTON, July 1, 2016 – Canadian Western Bank (CWB) (TSX: CWB) today completed its previously announced acquisition of the loan portfolio and related business assets of GE Capital’s Canadian franchise financing business, now known as CWB Franchise Finance.
This acquisition represents a further step in CWB’s established commercial banking growth and geographic diversification strategy. CWB Franchise Finance provides financing across Canada to a diverse group of established companies in the franchised hospitality and restaurant industries, and the acquisition includes key employees to support CWB’s continued strategic growth.
The balance of loans acquired is approximately $345 million, and no goodwill or intangible assets were included in the purchase structure. The transaction absorbed approximately 15 basis points of common equity Tier 1 capital upon closing. Other terms of the asset purchase agreement have not been disclosed.
For Further Information Contact:
Matt Evans, CFA
Senior AVP, Strategy & Investor Relations
Canadian Western Bank
Phone: (780) 969-8337