Merge Creates Canadian Mortgage Giant

More than $1 billion in deposits are required for the acquisition, as announced on Tuesday. The move demonstrates the company’s commitments to drive revenue growth in any and all opportunities. The president of Scotiabank, Rick Waugh, hopes the merge will consolidate the company’s ability to build a strong position as a leader of mortgage lending in Canada. The residential mortgage and deposit lending of national trust company Maple Trust will facilitate the growth of Scotiabank.

Maple Trust is one of the top five lenders in low-risk insured segments. The mortgage broker channel originations should double with the addition of Maple Trust’s more than 200 employees, including brokers. The company holds more than 42,000 mortgages with a value of $7.5 billion. The privately held company has the majority of its customers in Ontario, Alberta and British Columbia and offers an array of financial products. The acquisition would join Maple Trust to the number four lender of Canada, Scotiabank and, hopefully, create a mogul of Canadian residential lending.