Charles Schwab Canada has signed up as a customer of Laurentian Bank of Canada subsidiary B2B Trust.

The firms have signed a memorandum of agreement that will enable Schwab, which touts itself as an online full-choice brokerage firm, to offer banking and financial products designed by B2B Trust and marketed under the Schwab Canada brand name.

Under the agreement, B2B Trust will develop a Schwab Canada cash management account that it plans to offer by fall 2001. The account will include a broad range of products such as chequing accounts, VISA cards, debit cards, bill payment and online and telephone-based services.

“SchwabOne is one of the most popular brokerage accounts in the U.S. and we are pleased to join forces with B2B Trust to expand the range of products and services to offer a similar account for our clients,” said Paul Bates, president and CEO of Schwab Canada. “We always aim to obtain the very best financial services for our customers and are convinced this partnership will deliver superior products.”

Henri-Paul Rousseau, president and CEO, B2B Trust, also expressed pleasure with the partnership. “We are putting our expertise, creativity and resources to work so that Schwab Canada can offer banking and financial products and services fully worthy of the Schwab Canada brand name,” he said. “The partnership further confirms B2B Trust’s leadership position in this field.”