Press release from CNW Group
CWB finalizes its investment in McLean & Partners Wealth Management Ltd.
Tuesday, May 21, 2013
CWB finalizes its investment in McLean & Partners Wealth Management Ltd.16:42 EDT Tuesday, May 21, 2013
EDMONTON, May 21, 2013 /CNW/ - Canadian Western Bank (CWB or the Bank) today announced it has closed its previously announced investment of 55% ownership in McLean & Partners Wealth Management Ltd. (McLean & Partners). The finalized transaction is effective May 17, 2013.
McLean & Partners is a Calgary-based firm specializing in wealth management for high net worth individuals. With assets under management approaching $1 billion, the investment strategies and services of McLean & Partners are an excellent strategic fit with CWB's existing banking, trust and wealth management operations. The transaction supports a key strategic objective to enhance CWB's revenue diversification and earnings contributions from less capital intensive sources. Specific financial details of the all-cash transaction were not released. At the outset, the transaction is not expected to have a material impact on CWB's overall regulatory capital position or adjusted earnings per common share.
About Canadian Western Bank
Canadian Western Bank offers a full range of business and personal banking services across the four western provinces and is the largest publicly traded Canadian bank headquartered in Western Canada. The Bank, along with its operating affiliates, National Leasing Group Inc., Canadian Western Trust Company, Canadian Direct Insurance Incorporated, Valiant Trust Company, Adroit Investment Management Ltd. and Canadian Western Financial Ltd., collectively offer a diversified range of financial services across Canada and are together known as the Canadian Western Bank Group. The common shares of Canadian Western Bank are listed on the Toronto Stock Exchange under the trading symbol "CWB". The Bank's Series 3 Preferred Shares trade on the Toronto Stock Exchange under the trading symbol "CWB.PR.A". Refer to www.cwb.com for additional information.
About McLean & Partners
McLean and Partners Wealth Management is a Calgary-based investment company, offering portfolio management services to affluent families since 1999. Managing close to $1 billion, the company develops custom portfolios through segregated and private investment strategies encompassing global equities, fixed income and market alternative investments. For additional information visit www.mcleanpartners.com.
SOURCE: Canadian Western Bank
For further information:
President and Chief Executive Officer
Canadian Western Bank
Phone: (780) 423-8888
Kirby Hill, CFA
Director, Strategy & Communications
Canadian Western Bank
Phone: (780) 441-3770