Equitable Bank, a subsidiary of Toronto-based Equitable Group Inc. has received approval from the federal minister of finance for letters patent to incorporate a trust company, the bank announced Wednesday.
The new trust company, Equitable Trust, will have its head office in Toronto. It will be a wholly owned subsidiary of Equitable Bank.
“We are delighted to have achieved this important milestone in the evolution of our business,” Andrew Moor, president and CEO, Equitable Bank, says in a statement. “We believe that having the ability to use trust powers is consistent with our strategic vision of being Canada’s Challenger Bank. It also provides us with another source of funding diversification and additional tools to help Canadians reach their financial goals.”
The new trust company cannot commence business until it receives an order from the Office of the Superintendent of Financial Institutions.