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Home Capital to be acquired by Smith Financial Corporation
April 17, 2023
9:25 am
Wayno
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https://www.theglobeandmail.com/business/article-smith-financial-home-capital-group-takeover/

Competition Bureau clears Smith Financial’s $1.7-billion takeover of Home Capital Group

"Billionaire financier Stephen Smith is a step closer to sealing his $1.7-billion takeover of Home Capital Group Inc. HCG-T +4.58%increase after the Competition Bureau said it does not plan on opposing the deal. The bureau indicated in a “no-action letter” that it does not intend to make an application to block the transaction, according to a Home Capital statement Monday."

The deal is still expected to close in mid-2023 as it moves through two remaining rounds of regulatory approvals with the Office of the Superintendent of Financial Institutions and the Minister of Finance.
...
"Mr. Smith holds sizable stakes in other lenders – which could have given fodder to anti-competition concerns. He is executive chairman and co-founder of First National Financial Corp., one of the country’s largest non-bank lenders, and is also chairman of prominent private mortgage insurer Canada Guaranty Mortgage Insurance Co. He is also the largest shareholder in Equitable Bank, and is chairman and co-owner of Fairstone Bank of Canada, formerly Walmart Bank Canada."

April 17, 2023
1:34 pm
cgouimet
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Maybe EQ and Oaken will be merged to give us joint GIC's and Registered HISA' s...
🙂

CGO
April 18, 2023
9:31 am
phrank
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cgouimet said
Maybe EQ and Oaken will be merged to give us joint GIC's and Registered HISA' s...
🙂  

Let me know when anything that benefits customers actually comes out of any merger... I'm sure there has been some benefits somewhere, but I've never experienced any and I'm also sure any possible benefits were collateral damage caused by profits being increased.

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