Peoples Trust Closes $300 Million Secured Funding With BMO and CIBC

VANCOUVER, British Columbia, June 27, 2018 (GLOBE NEWSWIRE) -- Peoples Trust Company is pleased to announce that it has closed a $300 million secured funding facility from Bank of Montreal and CIBC. The funding facility will be secured by a portfolio of insured mortgages originated by Peoples Trust Company. CIBC acts as the Administrative Agent on the funding facility.

Grant MacKenzie, President and Chief Executive Officer, commented: “This is the maiden funding facility for Peoples Trust which will significantly improve our structural funding for insured mortgages and further diversify our funding sources. We are delighted to have the support of two Schedule 1 Banks in Canada.”

This funding facility enables Peoples Trust to increase efficiency by closely matching lending terms with flexible funding and diversifying sources with a dedicated line to enhance our strong liquidity position. 

For more information about Peoples Group, visit www.peoplesgroup.com.

About Peoples TrustAs the foundation for Peoples Group, Peoples Trust Company is a federally chartered financial institution that has provided financial services to Canadians for over 30 years.  With a focus on exceptional customer service backed by extensive product knowledge and experience, Peoples is a niche company known for their lending and asset securitization expertise who also offer deposit rates that are among the best in Canada.

Also, for more than a decade, Peoples has been providing comprehensive issuing services for prepaid and credit cards as well as innovative programs in the merchant services business sector through Peoples Card Services and Peoples Payment Solutions. Their regulatory expertise and market guidance have helped innovators from around the world establish, launch and grow programs in Canada. For more information, visit www.peoplesgroup.com.

Media ContactsPeoples GroupGrant MacKenziePresident and CEO604-331-2202[email protected]

Samson Lim, CPA, CAExecutive Vice President and CFO604-331-3467[email protected]

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