Equitable Bank moving closer to opening new trust company this year

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Equitable Bank CEO Andrew Moor.Tyler Anderson/National Post files

The group behind Equitable Bank is hoping to open a trust company later this year that the lender says would help diversify its business and sources of funding.

A recent notice in the Canada Gazette, the federal government’s newspaper, announced an “Equitable Trust” had been authorized by the Superintendent of Financial Institutions to begin operations as of Dec. 19, 2018.

Equitable Trust belongs to Toronto-based financial-services company Equitable Group Inc. The company owns Equitable Bank, which, along with its digital arm, EQ Bank, has more than $27 billion in assets under management and serves more than 66,000 Canadian customers. 

Tim Wilson, chief financial officer of Equitable, said the company was at a point where it wanted to establish an additional, regulated subsidiary of the bank.

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