QUEBEC
CITY, April 4, 2024 /CNW/ - iA Financial Group
(TSX: IAG) announced today that it has entered into an agreement,
through its subsidiary iA Private Wealth Inc. ("iAPW" or "iA
Private Wealth"), to acquire assets of the retail full–service
investment broker division of Laurentian Bank Securities Inc
("LBS").
LBS' retail full-service broker division represents over
$2 billion in assets under
administration. Approximately 16,000 client accounts will be
transferred to iAPW upon completion of the transaction and some 30
advisors are invited to join iAPW afterwards.
"iA Private Wealth is a leading independent wealth manager in
Canada with a deep and committed
focus on supporting advisors in delivering the highest standards of
professional financial advice," said Stephan Bourbonnais, Executive Vice-President,
Wealth Management at iA Financial Group and President and CEO of
iAPW. "This acquisition will support iA Private Wealth's strong
growth and expand its presence. We look forward to welcoming these
new advisors and helping them continue to secure their clients'
financial future with confidence."
This acquisition, the amount of which is not disclosed, will
have only a marginal impact on iA Financial Group's solvency
ratio.
The closing date of the transaction is expected to be this
summer, subject to, among other things, receipt of the necessary
regulatory approvals.
Forward-Looking
Statements
This document may contain statements relating to strategies used
by iA Financial Group or statements that are predictive in nature,
that depend upon or refer to future events or conditions, or that
include words such as "may", "will", "could", "should", "would",
"suspect", "expect", "anticipate", "intend", "plan", "believe",
"estimate" and "continue" (or the negative thereof), as well as
words such as "objective", "goal", "guidance", "outlook" and
"forecast", or other similar words or expressions. Such statements
constitute forward-looking statements within the meaning of
securities laws. In this document, forward-looking statements
include, but are not limited to, information concerning the closing
and the closing date of the transaction, future operating results
and expected benefits of the transaction. These statements are not
historical facts; they represent only expectations, estimates and
projections regarding future events and are subject to change.
Although iA Financial Group believes that the expectations
reflected in such forward-looking statements are reasonable, such
statements involve risks and uncertainties, and undue reliance
should not be placed on such statements. More specifically, the
transaction is subject to the risk and uncertainty of whether and
to what extent iA would realize the expected benefits of the
transaction.
More specifically, the transaction is subject to the following
risks and uncertainties: (i) that iAPW and LBS may be unable to
complete the proposed transaction because, among other reasons,
conditions to the closing of the proposed transaction may not be
satisfied or waived, including that a governmental authority may
prohibit, delay or refuse to grant approval for the consummation of
the transaction; (ii) uncertainty as to the timing of completion of
the proposed transaction; (iii) the occurrence of any event, change
or other circumstance that could give rise to the termination of
the agreement; and (iv) whether and to what extent iAPW and iA
Financial Group would realize the expected benefits of the
transaction.
Additional information about the material factors that could
cause actual results to differ materially from expectations and
about material factors or assumptions applied in making
forward-looking statements may be found in the "Risk Management"
section of the Management's Discussion and Analysis for 2023, the
"Management of Risks Associated with Financial Instruments" note to
the audited consolidated financial statements for the year ended
December 31, 2023 and elsewhere in iA
Financial Group's filings with the Canadian Securities
Administrators, which are available for review at
sedarplus.com.
The forward-looking statements in this document reflect iA
Financial Group's expectations as of the date of this document. iA
Financial Group does not undertake to update or release any
revisions to these forward-looking statements to reflect events or
circumstances after the date of this document or to reflect the
occurrence of unanticipated events, except as required by law.
About iA Financial Group
iA Financial Group is one of the largest insurance and wealth
management groups in Canada, with
operations in the United States.
Founded in 1892, it is an important Canadian public company and is
listed on the Toronto Stock Exchange under the ticker
symbols IAG (common shares) and IAF (preferred shares).
About iA Private Wealth
iA Private Wealth offers customized wealth management solutions
through a network of more than 460 independent investment advisor
teams. With over $50 billion in
assets under administration, iA Private Wealth is the partner of
choice for investors across Canada.
iA Financial Group is a business name and trademark of iA
Financial Corporation Inc. and Industrial Alliance Insurance
and Financial Services Inc.
SOURCE iA Financial Group