Maple Financial Group announces sale of its mortgage banking business

Maple Financial Group Inc. announced today that it has entered into a definitive agreement relating to the sale of its Canadian mortgage banking business to Scotiabank. This business is operated by Maple Trust Company, a wholly-owned subsidiary of Maple Bank GmbH. All of the shares of Maple Trust Company, and all of the Canadian mortgage banking assets held in the Toronto branch of Maple Bank will be sold to Scotiabank. The purchase price for the shares of Maple Trust is C$233 million.

"This is a very exciting development for Maple Trust and Maple Financial" said Tom Higgins, President and Chief Executive Officer of Maple Financial Group. "Both the employees and customers of Maple Trust will benefit from this transaction."

Maple Financial Group provides a range of banking, securities and trust services to financial institutions, corporations, and individuals located in North America and Europe. Its principal operating subsidiary, Maple Bank GmbH, is a German bank regulated by the German Federal Banking Supervisory Agency.

Maple Financial Group's businesses include structured products; securities and mortgage banking; proprietary trading; securities lending; asset-based lending; private wealth management; insurance products; and securities execution, clearing, and custodial services for third parties. Maple Financial Group operates with C$285 million of capital, over C$15 billion in assets and 500 employees in offices in Toronto, Frankfurt, London, New Jersey, Milan, Amsterdam, Bethesda and Halifax.

Through its subsidiaries, Maple Financial Group is regulated by the German Federal Banking Supervisory Agency, the Office of the Superintendent of Financial Institutions, the Investment Dealers Association of Canada, the Financial Services Authority, and the National Association of Securities Dealers.

For further information: Roger Prichard, CFO, Maple Financial Group, (416) 350-8270

Author:  

Email:    

Topic:    

Content:

Related Articles

• More Than Four Out of Five Mortgage Lenders Will Increase Marketing Budgets in 2006
  16 February 2006



• SourceMedia's 9th Annual Mortgage Technology Conference Attracts Industry Experts
  16 February 2006



• Impac Mortgage Holdings, Inc. Announces Upcoming Release of 2005 Earnings, Conference Call, and Posting of Its Unaudited Monthly Fact Sheet for the Mo
  16 February 2006



• Ifinix's Software Unit to Release First Version of the Mortgage Software
  16 February 2006



• Scotiabank Acquires Leading Canadian Mortgage Lender and The Bank of New York Selected by Ternium S.A. as Depositary Bank
  16 February 2006



• MFA Mortgage Investments, Inc. Postpones Fourth Quarter Earnings Release and Conference Call
  16 February 2006



• Debt University Recognizes America's Ongoing Debt Struggle and Aids in Debt Help and Financial Assistance
  16 February 2006



• FinanceNewsToday.com Adds Financial Calculators to Its Website
  15 February 2006



• Credit card holders confused by interest free periods, warns moneynet
  15 February 2006



• Victim or Conspirator of Mortgage Fraud?
  15 February 2006