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Questrade files plans to incorporate a Schedule I chartered bank, Quest Bank
November 26, 2019
2:09 pm
Doug
British Columbia, Canada
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Questrade Financial Group, Inc., fresh off acquiring Community Trust, a federally-regulated trust company, has filed preliminary paperwork to incorporate a Schedule I Chartered Bank subsidiary to be known as Quest Bank (in English) and Banque Quest (in French).

Details here: http://www.gazette.gc.ca/rp-pr.....g.html#ml1

Unknown whether they plan to have a direct-to-consumer division or just operate in the brokerage channel. I think it's a coin toss, but might favour the former rather than the latter given their heavy involvement in soliciting direct-to-consumer business from the Big 5 bank-owned brokerages.

Based on how long it takes to commence operations, don't expect anything for at least a year, possibly 2-3 years. 😉

Cheers,
Doug

December 2, 2019
3:54 pm
dougjp
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Doug said
Questrade Financial Group, Inc., fresh off acquiring Community Trust, a federally-regulated trust company, has filed preliminary paperwork to incorporate a Schedule I Chartered Bank subsidiary to be known as Quest Bank (in English) and Banque Quest (in French).

Details here: http://www.gazette.gc.ca/rp-pr.....g.html#ml1

Unknown whether they plan to have a direct-to-consumer division or just operate in the brokerage channel. I think it's a coin toss, but might favour the former rather than the latter given their heavy involvement in soliciting direct-to-consumer business from the Big 5 bank-owned brokerages.

Based on how long it takes to commence operations, don't expect anything for at least a year, possibly 2-3 years. 😉

Cheers,
Doug  

I would expect a big splash, ie; both. Really its the only way they can approach this, or its a waste of time (and money).

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