CWB Financial Group has closed its previously announced acquisition of iA Investment Counsel (iAIC), a wholly-owned iA subsidiary.
The deal was announced in March this year. Financial details of the transaction have not been made public.
iAIC is a provider of financial planning and wealth management services for wealthy Canadian families.
It operates under the brand names T.E. Wealth and Leon Frazer & Associates.
T.E. Wealth provides investment management and financial education services to native communities, through its T.E. Wealth Indigenous Services division.
The latest acquisition is in line with CWB’s strategy to expand its footprint in Canada by providing total wealth management services to successful business families.
The deal boosts CWB’s total wealth assets under management (AUM) administration and advisement to nearly $8bn.
The company has offices in Vancouver, Edmonton, Calgary, Toronto, Montreal and Quebec City in Canada.
CWB, in its previous statements, stated that the purchase price will be payable in cash consideration.
It also said that the deal will reduce its regulatory capital ratio threshold by nearly 30 basis points.
The deal will boost its cash earnings per share (EPS), with further accretion beginning in fiscal 2022, the company said.
CWB’s adjusted cash EPS of $0.60 dropped 28% in Q2 2020 compared to Q1 2020.