(February 17) – Vancouver’s Goepel McDermid Inc. has completed its takeover of Canadian Western Capital, the brokerage subsidiary of Canadian Western Bank.
After the deal Goepel has 700 employees in 22 offices, remaining an employee-owned firm with more than 300 brokers . CW Capital brings a little bit of everything to Goepel -investment banking, trading, retail brokerage and financial planning. It has 20-plus advisors scattered in nine branches throughout Alberta, B.C. and Saskatchewan. The deal’s terms were not disclosed, but the due diligence is complete and regulatory approval has been received.
“The addition of Canadian Western Capital to our existing service platform is a continuance of our growth strategy to become the pre-eminent independent investment firm in Canada,” says Ken Shields, chairman and CEO of Goepel.
CW Capital, formerly known as Majendie Charlton Securities Ltd., has lost money since the bank acquired it in January 1998. The bank expected to post losses of somewhere between $1.8 million and $3.8 million in its brokerage business in the quarter ended Jan. 31. Goepel and CWB have also agreed to seek other strategic alliances with one another.
-IE Staff