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Edmonton Journal

New acquisition to 'accelerate' ATB Financial's growth

Article content Edmonton-based ATB Financial has signed a deal to acquire Cormark Securities Inc., an investment bank with offices in Toronto and Calgary. Article content 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. Article content Cormark executive chair Scott Lamacraft called the deal an 'important milestone' for the firm. Article content '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. Article content Article content The combination of the two businesses will help deliver more value to ATB clients, said Darren Eurich, chief executive of ATB Capital Markets. Article content '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. Article content Curtis Stange, ATB Financial's chief executive, noted that clients face an 'increasingly complex economic landscape.' Article content '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. Article content