VersaBank Adds Leading National Insolvency Firm and One of Canada’s Largest Mutual Fund Dealerships as Deposit Partners
2020年7月20日 - 8:30PM
ビジネスワイヤ(英語)
VersaBank (“VersaBank” or the “Bank”) (TSX: VB) today announced
that it has added two new deposit partners – a large,
nationally-licensed Insolvency Professional firm and FundEX
Investments Inc. (“FundEX”), one of Canada’s largest mutual fund
dealerships.
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“VersaBank’s access to low-cost deposit funding is at the core
of the Bank’s ability to generate the highest net interest margins
amongst its publicly traded peers, as well as being a key factor in
the Bank’s track record of strong earnings growth,” said David
Taylor, President and Chief Executive Officer, VersaBank. “The
addition of each of these partners – each a leader in its own
market – is further testament to the high value-add that VersaBank
is able to provide its partners based on our proprietary,
state-of-the art banking technology. The continuing expansion of
our access to low-cost and zero-cost deposits will be fundamental
in supporting our growth as we pursue deployment of our more than
$2 billion in lending capacity.”
Further Expansion of Very-Low Cost Insolvency Professional
Deposits
The addition of one of Canada’s largest and longest operating
insolvency firms, with dozens of offices across the country and
four decades in business, further builds on VersaBank’s leading
position in deposit services for Insolvency Professionals and
further expands its roster of more than 100 Insolvency Partner
offices across Canada.
“We have grown our Insolvency Professional deposit business from
a great idea in 2012 to more than 40% of the Bank’s deposit value,
with a nearly five-fold increase in the last five years, by using
our proprietary banking technology to develop a unique offering
that addresses a specific unmet need in the market,” said Mr.
Taylor. “We are proud to add yet another leading Insolvency
Professional firm, with national presence, who we expect to be a
large-volume partner. As we continue to add new Insolvency
Professional partners based on our differentiated, high-value
deposit offering, we also expect to grow the size of our deposits
with our existing partners as their business activity increases due
to the current and expected challenging economic conditions, which
should drive further reductions in our cost of deposit
funding.”
Addition of One of Canada’s Largest Mutual Fund Dealerships
as a Wealth Management Partner for GIC Deposits
VersaBank also announced that it has added FundEX, one of
Canada’s largest mutual fund dealerships, as partner through which
it will offer CDIC insured GIC deposits to FundEX’s more than 700
financial advisors across the country. FundEX administers over $17
billion in assets and is a wholly owned subsidiary of Industrial
Alliance Insurance and Financial Services Inc.
“VersaBank has a reputation for high value-add deposit solutions
for the wealth management sector, based on our exemplary customer
service and experienced, knowledgeable staff, all underpinned by
our highly-efficient, accurate processing resulting from our
state-of-the-art technology,” said Mr. Taylor. “This highly
differentiated value proposition for our partners enables us to be
competitive and win new business with lower interest-paying
deposits.”
About VersaBank
VersaBank adopted an electronic B2B (business-to-business)
branchless model in 1993, becoming the world’s first branchless
financial institution. It holds a Canadian Schedule I chartered
bank licence and obtains its deposits, and the majority of its
loans and leases, electronically. VersaBank’s Common Shares trade
on the Toronto Stock Exchange under the symbol VB and its Series 1
Preferred Shares and Series 3 Preferred Shares trade under the
symbols VB.PR.A. and VB.PR.B. respectively.
Forward-Looking Statements
The statements in this press release that relate to the future
are forward-looking statements. By their very nature,
forward-looking statements involve inherent risks and
uncertainties, both general and specific, many of which are out of
our control. Risks exist that predictions, forecasts, projections,
and other forward-looking statements will not be achieved. Readers
are cautioned not to place undue reliance on these forward-looking
statements as several important factors could cause actual results
to differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to, the
strength of the Canadian economy in general and the strength of the
local economies within Canada in which we conduct operations; the
effects of changes in monetary and fiscal policy, including changes
in interest rate policies of the Bank of Canada; changing global
commodity prices; the effects of competition in the markets in
which we operate; inflation; capital market fluctuations; the
timely development and introduction of new products in receptive
markets; the impact of changes in the laws and regulations
pertaining to financial services; changes in tax laws;
technological changes; unexpected judicial or regulatory
proceedings; unexpected changes in consumer spending and savings
habits; the impact of COVID-19 pandemic and our anticipation of and
success in managing the risks implicated by the foregoing. For a
detailed discussion of certain key factors that may affect our
future results, please see our annual Management’s Discussion and
Analysis (“MD&A”) for the year ended October 31, 2019.
The foregoing list of important factors is not exhaustive. When
relying on forward-looking statements to make decisions, investors
and others should carefully consider the foregoing factors and
other uncertainties and potential events. The forward-looking
information contained in this document and the related MD&A is
presented to assist our shareholders in understanding our financial
position and may not be appropriate for any other purposes. Except
as required by securities law, we do not undertake to update any
forward-looking statement that is contained in this document and
related MD&A or made from time to time by the Bank or on its
behalf.
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VersaBank Wade MacBain (800) 244-1509 wadem@versabank.com
LodeRock Advisors Lawrence Chamberlain 416-519-4196
lawrence.chamberlain@loderockadvisors.com
Visit our website at: www.versabank.com
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