By James Langton

(November 7 – 09:45 ET) – Investors Group, Great-West Life and London Life have signed a letter of intent that contemplates a long-term distribution arrangement with CIBC.

The deal will see the three companies distribute banking and brokerage products and services under their own brands, through their respective consultant and advisor networks nationwide.

IG, GWL, and London Life through its Freedom 55 Financial division, will offer clients a full range of financial products. These will include deposit accounts, debit cards, credit cards, loans, chequing and bill payment services, plus an expanded range of brokerage services, including improved trade execution, new equity and fixed income issues, as well as research and online capabilities.

The new products and services will be exclusively available through the three companies’ consultant and advisor networks and complemented by telephone, Internet and CIBC’s network of 4,300 ABMs.

CIBC, through its Amicus division, will provide the products and services as well as the operating infrastructure and technology to support these efforts. The new initiative will begin with IG in 2001, subject to regulatory approval and execution of definitive agreements.

“This agreement is an important element of our strategy, which leverages the superior brands of our partners and CIBC’s leading edge e-commerce capabilities through Amicus,” said John Hunkin, chairman and CEO of CIBC. “We are committed to forming alliances, which enable us to grow our business rapidly, and at a very low cost. Having these leading personal financial services companies select CIBC enhances our position as the Canadian leader in e-banking.”

“Our relationship with CIBC establishes a strong combination of comprehensive and diverse financial products, multiple access points for consumers and exceptional personal service and advice,” said Sandy Riley, president and CEO of Investors Group.

“We believe that over the next decade, Canadians will increasingly choose financial advice, solutions and service from highly trained personal advisors,” said Ray McFeetors, president and CEO of Great-West Life and London Life. “Since the end of 1997, Great-West Life, London Life and Investors Group have collaborated to expand their product offerings to enhance the competitiveness of their separate distribution networks. This alliance continues to build on that successful model.”