Toronto (pcJ News Briefs) – Equitable Bank, a wholly owned subsidiary of Equitable Group Inc. (TSX: EQB) has closed previously announced offering of a $150 million 2-year floating rate deposit note.
The issuance was completed with RBC Capital Markets and CIBC World Markets acting as co-leads and bookrunners, supported by the Bank of Montreal, National Bank Financial, and TD Securities as co-managers.
The deposit note was priced at 130 basis points over 3-month CDOR and ranks equally and ratably with all present and future unsecured and unsubordinated liabilities of Equitable Bank.
“Today’s issuance is consistent with our strategy of maintaining a diversified funding profile by offering products that are attractive to consumers, investors and our Bank,” said Tim Wilson, VP & CFO of Equitable Group and Equitable Bank. “This funding builds on the record financial results and low credit losses that we achieved in 2016, and demonstrates strong support from the institutional investor community. In combination with our $10 billion savings business, it will enable the ongoing growth of our franchise.”
Equitable Group Inc. is a growing Canadian financial services business that operates through its wholly-owned subsidiary, Equitable Bank. Equitable Bank is Canada’s ninth largest independent Schedule I bank and offers a diverse suite of residential lending, commercial lending and savings solutions to Canadians.
photo credit: Equitable Bank