CWB Financial Group Completes Strategic Acquisition of Equipment Finance and Leasing Assets
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 CWB Financial Group
CWB is a diversified financial services organization serving businesses and individuals across Canada. Operating from its headquarters in Edmonton, Alberta, CWB’s key business lines include full-service business and personal banking offered through 42 branches of Canadian Western Bank and Internet banking services provided by Motive Financial. Highly responsive specialized financing is delivered under the banners of CWB Equipment Financing, CWB National Leasing, CWB Maxium Financial, CWB Franchise Finance and CWB Optimum Mortgage. Trust Services are offered through Canadian Western Trust. Comprehensive wealth management offerings are provided through CWB Wealth Management, which includes the businesses of McLean & Partners Wealth Management and Canadian Western Financial. As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols “CWB” (common shares), “CWB.PR.B” (Series 5 Preferred Shares) and “CWB.PR.C” (Series 7 Preferred Shares).
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.