A Calgary-headquartered brokerage has sent its application to the Minister of Finance, petitioning for the incorporation of a bank.
True North Mortgage Inc. has filed the application for its proposed Think Bank, which it said will offer “consumer retail and mortgage services to Canadian residents,” according to the Canada Gazette.
“We are looking to create a Bank which will be a wholly owned subsidiary of TNM that can support the launching of a few unique products,” True North founder and chief executive Dan Eisner told the Financial Post.
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“The Bank will not be publicly traded and will support our mission to provide really low mortgage rates to good-credit Canadians,” Eisner added.
True North estimated that it will begin Think Bank’s operations either in 2019 or 2020, depending on when regulatory approval is granted.
“The granting of letters patent will be dependent upon the normal Bank Act application review process and the discretion of the Minister of Finance,” the Canada Gazette noted.
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