EDMONTON, August 16, 2017 - Canadian Western Trust Company (CWT), a wholly owned subsidiary of Canadian Western Bank (TSX:CWB) and a member of CWB Financial Group, today announced it will no longer offer self-directed account services to holders of exempt market securities. CWT has entered into a definitive agreement (the "Agreement") to appoint Computershare Trust Company of Canada (Computershare) as successor trustee or custodian for clients who currently hold exempt market securities within a CWT self-directed account. Affected clients will receive notification of this change by mail. The Agreement is subject to customary closing conditions. The Agreement is expected to close no later than September 30, 2017. Earnings contributions from this business line are not material on a consolidated basis for CWB.
"At CWT, we are working to bring more focus to our organization and concentrate our activities within business lines that have the strongest growth opportunities and that are most aligned with the strategic objectives of CWB Financial Group," said Matt Colpitts, Vice President and General Manager of CWT. "Computershare's reputation and position as a leader in their field gave us confidence that we could facilitate a smooth transition for both affected CWT clients and employees. Computershare shares our commitment to client service excellence and trust, and we are confident they will continue to provide clients holding exempt market securities with the excellent service and outstanding industry expertise they are accustomed to."
"This Agreement underlines Computershare's strategic commitment to the exempt securities market," said Stuart Swartz, President and CEO of Computershare Canada. "By accelerating our growth in this segment, Canadian exempt securities market participants across the country - issuers, dealers and investors - are assured of a committed industry-leading partner with the long-term vision and resources critical to providing the expertise, solutions and technology investment that will satisfy their needs today, and well into the future."
Established in 1987, CWT is a wholly owned subsidiary of Canadian Western Bank and a member of CWB Financial Group. CWT offers trust services including registered plan trustee services to brokerage firms and custody and trustee services to corporations that offer employee retirement and pension plans. CWT also offers self-directed registered accounts and investment account services to independent financial advisors, mortgage brokers and individuals. Learn more at www.cwt.ca.
Computershare (ASX:CPU) is a global market leader in transfer agency and share registration, employee equity plans, mortgage servicing, proxy solicitation and stakeholder communications. We also specialize in corporate trust, bankruptcy, class action and a range of other diversified financial and governance services.
Founded in 1978, Computershare is renowned for its expertise in high integrity data management, high volume transaction processing and reconciliations, payments and stakeholder engagement. Many of the world's leading organizations use us to streamline and maximize the value of relationships with their investors, employees, creditors and customers.
Computershare is represented in all major financial markets and has over 16,000 employees worldwide.
For more information, visit www.computershare.com.
FOR FURTHER INFORMATION CONTACT:
VP and General Manager
Canadian Western Trust
Senior AVP, Strategy and Investor Relations
CWB Financial Group