Assante announces National Bank as first in series of banking partners
Winnipeg, Montreal, 5 June 2001 -
Assante Corporation (TSE:LMS) today announced the first of its partners in its anticipated offering of banking products and services. National Bank of Canada (TSE:NA) has agreed to develop, on a non-exclusive basis, Assante-branded banking and financial products adapted to the needs of Assante clients.
"We are assembling through a variety of strategic partners what we believe will be one of the most attractive packages of banking-related products and services on the market," said Martin Weinberg, President and CEO of Assante Corporation. "Adding banking services to the company's existing investment and service offerings will give clients a wide variety of providers to choose from and the convenience of having their complete financial portfolio in one place. With some of the services tied to Assante's own investment products, Assante advisors will be able to offer a unique interest optimization service for their clients."
Mr. Weinberg noted several other reasons for selecting National Bank as one of its partners including the bank's leading-edge technology, favourable pricing models and excellent service standards. "We are pleased to embark on this initiative with a trusted partner. National Bank has managed and cleared our stock and bond trading for nearly a decade and is the primary custodian for our private wealth management clients"
Under the agreement, National Bank will develop and market deposit accounts, chequing services, debit cards, credit cards, personal lines of credit, investment and RSP loans, mortgage origination services and guaranteed investment certificates (GICs). The products and services will be complemented by telephone banking, Internet banking and National Bank's extended network of ABMs.
Réal Raymond, President, Personal and Commercial Banking at National Bank, said he is pleased to be working with Canada's leading provider of integrated wealth management services. "We are privileged to have this partnership with a key player in the financial services industry and look forward to providing the superior products and services that clients have come to associate with the Assante brand," he said.
Subject to regulatory approval, the company expects its offering of banking products and services will be available to clients through Assante's 1500-strong advisor network by the fourth quarter of 2001.
National Bank of Canada is an integrated group whose mission is to provide comprehensive financial services to consumers, small and medium sized enterprises and large corporations in its core market, while offering specialized services to its customers elsewhere in the world. It has assets of over $76 billion and, together with its subsidiaries, employs some 16,700 people. The Bank's shares are listed on the Toronto Stock Exchange.
Assante Corporation is a leading provider of integrated wealth and life management services. Assante takes a multidisciplinary approach to financial planning, investment advice, wealth management, estate and succession planning, insurance and business and sports management services. Assante has accumulated assets under administration of $23.6 billion and assets under management of $4.8 billion.
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For further information, please contact:
Director, Corporate Communications
Directeur, Marketing partenariats
Manager, Partnership Marketing
National Bank of Canada