Edmonton-based Canadian Western Bank (CWB) has acquired Norwalk, Conn.-based GE Capital’s Canadian franchise financing business.
CWB acquires $345 million in loans from GE Capital, an arm of General Electric Co., as a result of the transaction. The Canadian bank has renamed the acquired business CWB Franchise Finance.
“This acquisition represents a further step in CWB’s established commercial banking growth and geographical diversification strategy,” the bank states in an announcement released Monday. “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.”
CWB initially announced its decision to purchase GE Capital’s Canadian franchise financing business in April.
This deal is the bank’s most recent move in its effort to expand its business. CWB made its way into Ontario in March with the completed acquisition of a Richmond Hill, Ont.-based financing company.
CWB completes acquisition of Ontario firm
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