(December 14 – 11:20 ET) – The Canadian Association of Mutual Insurance Companies and B2B Trust, the Internet subsidiary of the Laurentian Bank, have signed a letter of intent to develop financial products and services to be offered through the network of mutual insurance companies across Canada.

CAMIC is a trade association of p&c mutual insurance companies. Its role is to provide information, research, advocacy and to negotiate supply agreements for goods and services of common needs.

Under this agreement with B2B Trust, financial products and services such credit cards, chequing and savings accounts and personal, mortgage and farm loans will be made available under a personalized brand of the mutual insurance companies network. The letter of intent also outlines the development of a loyalty enhancement program.

“This agreement will allow participating mutual insurance companies to offer a series of banking products under the mutual concept without having to make massive investments in banking infrastructure,” said Normand Lafrenière, president of CAMIC.

Henri-Paul Rousseau, chairman and CEO of the Laurentian Bank of Canada, said, “This offer of personalized banking products is part of the unique strategy that the Laurentian Bank has initiated by creating its subsidiary B2B Trust, a financial products and services wholesaler. This new approach will enable the Laurentian Bank to meet the needs of companies that wish to access a broader range of products and services, which they can offer their own customers under their own trademark.”
-IE Staff