EDMONTON, January 31, 2018 – CWB Financial Group (CWB)(TSX: CWB) today completed its previously announced acquisition of the Canadian Commercial and Vendor Finance assets of ECN Capital Corp. (ECN). The equipment finance and leasing assets acquired are fully aligned with CWB’s balanced growth strategy, and the acquisition supports continued progress toward strategic objectives for industry and geographic diversification. The portfolio is primarily comprised of loans and leases concentrated within the transportation, construction and healthcare industries, with exposures broadly distributed across the country. CWB will leverage complementary strengths across its group of companies to integrate this portfolio. This will include key operational and business development contributions from CWB National Leasing, CWB Maxium and CWB Equipment Finance. The balance of acquired loans and leases is approximately $850 million.
About ECN Capital Corp.
With total owned and managed assets of more than US$3.6 billion, ECN Capital Corp. (TSX: ECN) is one of North America's leading finance companies. ECN Capital operates in four verticals: Home Improvement Finance, Manufactured Housing Finance, Rail Finance and Aviation Finance.
FOR FURTHER INFORMATION CONTACT:
Senior AVP, Strategy & Investor Relations
CWB Financial Group
Phone: (780) 969-8337
Email : [email protected]