CPE News (6.20.2022) – Duo Bank of Canada, a Schedule I Bank, has officially been rebranded to Fairstone Bank of Canada.
Duo Bank of Canada acquired Fairstone Financial Holdings Inc. and its wholly owned operating subsidiary, Fairstone Financial Inc. in January 2021 from J.C. Flowers & Co., Värde Partners, and Abu Dhabi Investment Council.
The acquisition of Fairstone Financial Inc. by Duo Bank of Canada was formally approved by OSFI on October 25, 2021.
Fairstone Bank of Canada and its subsidiaries form a leading consumer lending group, with over 1.5 million customers, 1,500 employees and $5 billion in assets on a consolidated basis.
Fairstone Bank of Canada and its subsidiaries offer credit cards and rewards programs, point-of-sale financing through merchant partners, automobile financing via dealerships, and unsecured and secured personal loans and mortgages online and at over 240 Fairstone branches coast to coast.
Fairstone Bank of Canada is controlled by an entity jointly owned by Stephen Smith, Centerbridge Partners L.P. and Ontario Teachers’ Pension Plan Board.
photo credit: Fairstone Bank
News Release
Duo Bank of Canada Rebrands to Fairstone Bank of Canada
MONTREAL, June 20, 2022 /CNW Telbec/ – Following its January 2021 acquisition of Fairstone Financial Holdings Inc. and its wholly owned operating subsidiary, Fairstone Financial Inc. (“Fairstone”), Duo Bank of Canada (“Duo Bank”), a Schedule I Bank, has officially been rebranded to Fairstone Bank of Canada (“Fairstone Bank”).
Fairstone Bank of Canada and its subsidiaries form a leading consumer lending group, with over 1.5 million customers, 1,500 employees and $5 billion in assets on a consolidated basis.
“Our rebranding strategy reflects Fairstone Bank’s position as a best-in-class consumer lending group,” says Scott Wood, President and Chief Executive Officer of Fairstone Bank. “As a Schedule I Bank with a significant credit card business, combined with Fairstone’s long-established Canadian history, market-leading point-of-sale financing and near-prime consumer lending lines of business, we are more focused than ever on providing innovative, value-driven products that are designed to enable consumers and businesses to excel.”
The alignment of the two companies enhances Fairstone Bank’s ability to provide diverse product offerings within a unified brand family. Combining deep industry experience, partnerships with best-in-class companies and a seasoned leadership team, the Bank and its subsidiaries are committed to strengthening how businesses connect with their customers and developing financial products and services that propel and enable customers’ and partners’ success.
The acquisition of Fairstone Financial Inc. by Duo Bank of Canada was formally approved by OSFI on October 25, 2021.
About Fairstone Bank of Canada
Fairstone Bank of Canada, together with its subsidiary Fairstone Financial Inc., form a leading consumer lending group. Fairstone Bank and Fairstone provide innovative, value-driven financial services that enable Canadian consumers and businesses to achieve their goals. Collectively, the Bank and its subsidiaries offer credit cards and rewards programs, point-of-sale financing through merchant partners, automobile financing via dealerships, and unsecured and secured personal loans and mortgages online and at over 240 Fairstone branches coast to coast. With a long-established Canadian history, Fairstone Bank and Fairstone are committed to improving the lives of Canadians with value-driven and accessible financial solutions. More at FairstoneBank.ca.
SOURCE Fairstone Financial Inc.
For further information: Caroline Morin, Vice President, Corporate Communications, +1 833-461-2900, media@fairstone.ca