(April 5 – 11:25 ET) – Laurentian Bank of Canada has launched a new electronic commerce subsidiary, B2B Trust, the first Internet-based wholesaler of generic and complementary financial products and services for independent financial advisors, Internet companies and retailers.
For independent financial advisors and recognized retailers, B2B Trust will provide generic payment and credit services and the best complementary products on the market, mutual funds, deposits, investment products, stock market transactions all at competitive rates and tailored to the needs of intermediaries and retailers.
These B2B Trust clients will use the company’s information technology (IT) to distribute their products, provide their services, present their transaction portals and produce integrated account statements, all under their own trade name.
Also today, Laurentian Bank announced the signing of a letter of intent regarding the sale of all the shares of its portfolio management subsidiary Laurvest to LBC-Edmond de Rothschild Asset Management, a joint venture created by Laurentian Bank and La Compagnie Financière Edmond de Rothschild Banque. The $8 million transaction is subject to certain conditions including the approval of regulatory authorities, a due diligence review and the signing of a purchase agreement by the parties. The transaction is scheduled to close in May 2000.
Laurentian Bank of Canada and Sun Life Assurance Company of Canada have announced the conclusion of a joint marketing agreement. The agreement designates several Laurentian Bank products, such as investment certificates, investment loans, RSP loans and self-directed savings plans and possibly certain Laurentian Bank mutual funds, for distribution by Sun Life. For its part, the Bank may distribute select Sun Life products, including some mutual funds, and insurance products to the extent allowed by law.
-IE Staff