Edmonton-based Canadian Western Bank Group (CWB) is expanding its geographical footprint into Ontario with the completed acquisition of a Richmond Hill, Ont.-based financing company.
Maxium Financial Services Inc. and its health-care financing arm, Desante Financial Services Inc. are now collectively known as CWB Maxium Financial Inc., according to the bank’s announcement released on Tuesday.
The acquired companies provide loans, equipment leases and structured financing to more than 35,000 clients, with the majority of businesses located in Ontario. Specialized financing solutions are primarily provided in areas of health care, golf, transportation, real estate and general corporate financing.
“The addition of CWB Maxium to the CWB Group will…broaden CWB’s business mix within desired specialized finance markets while providing new cross-selling opportunities,” the announcement states.
“The combination of CWB Maxium’s strong originations, yields and credit performance with CWB’s position as a Schedule 1 bank is expected to provide significant synergies over time,” the announcement concludes.