Investors Group, Great-West Life and London Life today announced that they have signed a definitive agreement with National Bank of Canada to deliver banking products and services through their respective distribution networks.
Under the agreement, Investors Group, Great-West Life and London Life will offer their 3.2 million individual clients banking products and services developed by National Bank. The range of products will include investment loans, lines of credit, deposit accounts and credit cards. The banking products will be distributed through more than 7,000 consultants and advisors across the country, under branding that is unique to the distributors.
“We are very pleased with the agreement we have reached with National Bank,” said
R. Jeffrey Orr, President and Chief Executive Officer of Investors Group. “With this agreement, we are confirming our commitment to provide our clients an attractive range of banking products to complement the comprehensive financial planning and investment products we currently provide. We are looking forward to working with National Bank in developing high quality banking products and services for our clients.”
“We are proud of this new distribution partnership and the way it ties in so well with our development strategy. In fact, it gives us access to the largest network of financial advisors in Canada, and supports our plans to broaden our reach geographically,” noted Réal Raymond, President and Chief Executive Officer of National Bank of Canada.
Raymond L. McFeetors, President and Chief Executive Officer of Great-West Life and London Life, said, "We are committed to providing our clients with a broad range of financial security products and services, through our financial security advisors. National Bank is an experienced private label banking supplier, with the expertise to help us build a customized banking solution that is suited to the unique needs of our various distribution channels and their clients."
Investors Group, Great-West Life and London Life confirmed that they had ceased discussions with CIBC regarding their earlier announced intentions to offer their clients banking and brokerage products and services provided by CIBC.
Investors Group is a national leader in delivering personalized financial solutions to more than one million Canadians, through a network of more than 3,200 Consultants located in over 100 Financial Planning Centres. In addition to an exclusive family of mutual funds and other investment vehicles, Investors Group offers a wide range of mortgage, insurance and brokerage services.
The Great-West Life Assurance Company is a leading life and health insurer in Canada. Its subsidiary, London Life Insurance Company, offers Canadians a broad portfolio of financial solutions under its widely recognized Freedom 55TM brand.
Investors Group, Great-West Life and London Life are members of the Power Financial Corporation group of companies.
National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. The National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. The National Bank has assets of over $75 billion and, together with its subsidiaries, employs over 17,000 people. The Bank's securities are listed on the Toronto Stock Exchange.