Edmonton-based Canadian Western Bank (TSX:CWB) signed a definitive agreement on Tuesday to acquire 55% of Calgary-based McLean & Partners Wealth Management Ltd.
CWB states that the transition will be seamless with no disruption to customers or employees. The executive management of McLean & Partners will retain 45% of the company and will continue to grow the business.
The transaction is part of CWB’s strategic objective to enhance its revenue diversification and earnings contributions from less capital intensive sources.
The transaction is subject to regulatory approvals and is expected to close within 30 days. Details of the all-cash acquisition were not disclosed
McLean & Partners specializes in wealth management for high net-worth individuals and has almost $1 billion in assets under management. CWB is the largest publically traded Canadian bank headquartered in western Canada offering a full range of business and personal banking services across western Canada.