There’s a new name in Canadian financial services following the acquisition of Walmart Canada Bank.
The new owners are a partnership of Stephen Smith - chairman, CEO and co-founder of First National Financial Corporation, Canada's largest non-bank mortgage lender - and affiliates of private investment firm Centerbridge Partners, L.P.
"The Bank has a strong track record of achieving results and I look forward to growing the business as the Bank continues to work with Walmart in providing value for Canadians, through affordable financial products and services," said Stephen Smith.
Walmart Canada bank will be rebranded as Duo Bank and will continue to provide a range of financial services products across Walmart Canada’s footprint as part of a new agreement.
"We are encouraged by the prospects ahead for the Bank and look forward to continuing to work together with the talented team there to help provide affordable financial products for our customers," said Lee Tappenden, president and CEO, Walmart Canada.
Among the products and services that will be offered are credit cards, rewards, and related protection services.
"The closing of this transaction represents a new and exciting phase for the Bank, our talented associates, and our customers," said Trudy Fahie, Chief Executive Officer of the Bank. "We look forward to working together with Stephen and the Centerbridge team, who bring deep financial services expertise, as we execute our long-term growth strategy for the Bank while continuing to stay true to our mission of providing value-driven financial products that are clear and simple."
