ALBERTA

Canadian Western Bank buys 55 per cent stake in investment manager

04/23/2013 06:09 EDT | Updated 06/23/2013 05:12 EDT
EDMONTON - Canadian Western Bank (TSX:CWB) said Tuesday that it has signed a deal to buy 55 per cent stake in McLean & Partners Wealth Management Ltd., a firm specialized in high net worth individuals.

Terms of the deal, which will see McLean & Partners' management retain 45 per cent stake in the company, were not available.

The bank said McLean & Partners has almost $1 billion in assets under management.

The deal is not expected to have a material impact on CWB's overall regulatory capital position or adjusted earnings per common share.

Canadian Western Bank offers business and personal banking services in the four western Canadian provinces.

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