Canadian Western Bank (CWB) has signed an agreement to acquire 55% ownership of McLean & Partners Wealth Management Ltd. (McLean & Partners), a Calgary-based firm specializing in wealth management for high net worth individuals.
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The transaction, which is subject to regulatory approvals, supports a key strategic objective to enhance the CWB’s revenue diversification and earnings contributions from less capital intensive sources.
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“This transaction is also aligned with our strategy to add capacity and scale to our wealth management operations, while expanding our geographic reach to better match our branch footprint across Western Canada,” says Chris Fowler, president and CEO of CWB Group.
Specific financial details of the all-cash transaction have not been released.