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Competition Bureau approves proposed acquisition of Wealth One Bank of Canada

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The deal still requires the approval of two federal regulators: the Office of the Superintendent of Financial Institutions and the federal Minister of Finance

170 Sheppard Avenue East in Toronto, where a Wealth One Bank office is located. Under the proposal led by Globalive, all of Wealth One’s current investors would divest their shares and the ownership of the bank would move into a special purpose vehicleGlobalive Capital Inc.’s proposed takeover of Wealth One Bank of Canada has gotten the green light from the Competition Bureau, clearing the first of several regulatory hurdles.

The investor consortium includes high-net-worth families in Canada, Britain and the U.S. with experience investing in the financial sector, The Globe and Mail

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