Toronto-based B2B Trust, a subsidiary of Laurentian Bank (TSX:LB), said Monday it is converting into a schedule I federally chartered bank under the name of B2B Bank effective immediately.
Over the past few years, B2B Trust’s activities have progressively evolved and now focus on the distribution of banking products and services via the network of Canadian financial advisors.
The newly created banks says it has posted significant growth: its loan and deposit portfolios almost doubled, it does business with more than 23,000 financial advisors and has some 70 distribution agreements in place with insurance and mutual companies.
“B2B Trust has evolved considerably since its creation,” says François Desjardins, president and CEO of B2B Bank. “And today, our offering of banking products such as loans and deposits represents a large part of our portfolio. We will continue to serve the needs of Canadian financial advisors with the greatest respect for the relationships they have with their clientele.”
B2B Bank is a third-party supplier of investment and RRSP loans, a premier supplier of deposit products, and a long-time provider of self-directed accounts, banking services and mortgage loans.
B2B Bank mortgages now available for mortgage brokers
Separately, B2B Bank announced it is now offering its own branded line of mortgage products. The bank previously offered the mortgage products of its parent company, Laurentian Bank.
B2B Bank says the switch is aimed at better positioning its new brand and enhancing its recognition within the mortgage broker network outside of Quebec.