WealthOne lowers short term GIC rates now 5.7% | Wealth One Bank of Canada | Discussion forum

5.2% now. Btw they've moved to dt and closed the office at North York. https://www.wealthonebankofcanada.com/News/2023+HQ+Relocation

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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 ⬇

https://www.theglobeandmail.com/business/article-globalive-founder-anthony-lacavera-leading-bid-to-buy-embattled-wealth/

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.

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.

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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.

Dean