Canadian Western Bank
TSX : CWB

Canadian Western Bank

July 01, 2016 08:00 ET

CWB Completes Acquisition of Canadian Franchise Financing Assets of GE Capital

EDMONTON, ALBERTA--(Marketwired - July 1, 2016) - Canadian Western Bank (CWB) (TSX:CWB) today completed its previously announced acquisition of the loan portfolio and related business assets of GE Capital's Canadian franchise financing business, now known as CWB Franchise Finance.

This acquisition represents a further step in CWB's established commercial banking growth and geographic diversification strategy. CWB Franchise Finance provides financing across Canada to a diverse group of established companies in the franchised hospitality and restaurant industries, and the acquisition includes key employees to support CWB's continued strategic growth.

The balance of loans acquired is approximately $345 million, and no goodwill or intangible assets were included in the purchase structure. The transaction absorbed approximately 15 basis points of common equity Tier 1 capital upon closing. Other terms of the asset purchase agreement have not been disclosed.

About CWB Group

CWB Group (CWB) is a diversified financial services organization serving businesses and individuals across Canada. Operating from its headquarters in Edmonton, Alberta, CWB's key business lines include full-service business and personal banking offered through 42 branches of Canadian Western Bank and Internet banking services provided by Canadian Direct Financial (CDF). Highly responsive specialized financing is delivered under the banners of CWB Equipment Financing, National Leasing, CWB Maxium Financial, CWB Optimum Mortgage and CWB Franchise Finance. Trust Services are offered through Canadian Western Trust. Comprehensive wealth management offerings are provided through CWB Wealth Management, which includes the businesses of Adroit Investment Management, McLean & Partners Wealth Management and Canadian Western Financial. As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" and "CWB.PR.C" (Series 5 Preferred Shares and Series 7 Preferred Shares, respectively). Learn more at www.cwb.com.

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