New acquisition to 'accelerate' ATB Financial's growth
Edmonton-based ATB Financial has signed a deal to acquire Cormark Securities Inc., an investment bank with offices in Toronto and Calgary.
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Cormark was founded in 1981 and has participated in more than 1,000 equity financings over the past decade, raising gross proceeds of more than $100 billion.
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Cormark executive chair Scott Lamacraft called the deal an 'important milestone' for the firm.
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'We're proud of our more than 40-year history and even more excited about where our combined business will take us,' Lamacraft said in a news release.
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The combination of the two businesses will help deliver more value to ATB clients, said Darren Eurich, chief executive of ATB Capital Markets.
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'Together, our complementary expertise expands our ability to serve clients in Canada and the U.S., attract exceptional talent and accelerate our growth strategy,' Eurich said in the release.
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Curtis Stange, ATB Financial's chief executive, noted that clients face an 'increasingly complex economic landscape.'
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'The enhanced capabilities of the combined firm will contribute to a strong, competitive and client-focused capital markets industry that supports economic growth nationwide,' Stange said.
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