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WealthOne lowers short term GIC rates now 5.7%
January 12, 2024
5:11 pm
James
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It looks like they have dropped the short term 6% rates. They are now at 5.7%.

https://www.wealthonebankofcanada.com/Invest/GICs

February 7, 2024
12:07 pm
lovejennifer
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5.2% now. Btw they've moved to dt and closed the office at North York. https://www.wealthonebankofcanada.com/News/2023+HQ+Relocation

February 9, 2024
8:53 am
countysaver
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WealthOne is back in the news with Tony Lacavera of WIND Mobile infamy attempting a major buy-in. Seems everything he's involved with borders on illegal at least in terms of Canadian ownership; in this case Chinese influence and potential money laundering.

Ironic the ‘bank's’ moved its office to the building where I had my first permanent job >50 years ago, post graduation, with the ministry of the attorney general. Good the lawyers have left the building. sf-surprised

February 9, 2024
9:36 am
Dean
Valhalla Mountains, British Columbia
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.
Thanks Countysaver ... that's an interesting development, for sure ❗

There's an article on Tony Lacavera's bid for W1BoC in today's Globe And Mail, but you have to be a paid-up subscriber to read it sf-confused

Given that W1BoC has always operated in the Red (never been able to make a profit), Tony is likely to pick up this Looser for just a few cents on the dollar.

It's going to be interesting to see how this all unfolds.

    Dean

P.S.
Yes, there is the option of 'removepaywall.com',
but even that will cost ya $80/yr. sf-laugh

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

February 9, 2024
9:41 am
kesa
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remove paywall dot com

February 9, 2024
10:14 am
AltaRed
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I think Tony will, if he is successful in his purchase bid of circa $51M, 'right the ship', make it profitable, and then sell it in a few years time, perhaps to a CU trying to build a banking business. It is a relatively puny bank with assets of only $600M at this time and that is down from its peak. I can't see W1 being of value to any existing 'national' bank. Even LB could not sell itself.

February 9, 2024
1:48 pm
Dean
Valhalla Mountains, British Columbia
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.
Update . . .

It looks like it could be a Done Deal

However, regulatory and government approvals will take time.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

February 10, 2024
11:33 am
Dean
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More details . . .

Todays BNN Vid & Article ... https://www.bnnbloomberg.ca/globalive-seeks-to-shake-up-canadian-bank-oligopoly-with-wealth-one-bid-1.2033253

I couldn't stop myself from Laughing at some of the 'Glowing' comments Lacavera makes in the vid about W1BoC. It's actually quite entertaining. sf-laugh

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

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