IPC Financial Network Inc. has entered into a letter of intent to purchase Albanese Financial Group Inc., a life and disability insurance brokerage based in Markham, Ontario.

The acquisition is scheduled to close on September 30, 2001 and is subject to certain standard conditions, including regulatory approvals. ING Canada Inc. holds 10 percent of the outstanding voting shares of AFG and also owns 26 percent of the outstanding common shares of IPC.

The acquisition of AFG is consistent with IPC’s business plan and strategy. IPC is building a diversified financial services company focusing on the fragmented financial planning industry. IPC’s intent is to be the premier choice among financial planners who are dedicated to serving the needs of their clients.