Canadian First Financial Group (CFFG) has now completed its purchase of MonCana Bank of Canada.
“We have significantly advanced our growth plan” by aligning with MonCana, says Peter Vukanovich, president and CEO, Canadian First. “We are also delighted to welcome more than 7,000 MonCana Bank customers to Canadian First.”
“Canadian First is building a retail banking strategy on top of the mortgage banking business of MonCana Bank,” adds CFFG co-founder Karl Straky.
The company’s model allows broker partners to cross-sell or refer other banking and investment products to mortgage customers. Canadian First believes that will deepen client relationships and create a more valuable book of business for broker owners.
“We will not be the only lender that delivers non mortgage products to the mortgage broker channel, or their customers, but we are the first one that is truly partnering with brokers through the alignment of ownership interest…,” Straky says.
CFFG is in the process of re-branding MonCana Bank, which requires certain regulatory steps. It expects an announcement to this effect in coming months.
“The expanded funding power of the combined entity will be leveraged to ensure that the rates and products of MonCana Bank are consistently market competitive,” adds Straky. “We are aggressively working to diversify our funding sources and plan to expand our mortgage product offering in the very near future.”