CWB Acquires GE Capital’s Canadian Franchise Finance Business

Canadian Western Bank signed an asset purchase agreement to acquire GE Capital’s Canadian Franchise Finance business.

The acquisition will include employees and the balance of loans to be acquired is approximately $350 million. The transaction is expected to close in CWB’s third quarter of fiscal 2016, subject to customary approvals.

On March 30, GE reached an agreement with Western Alliance Bank to sell its Franchise Finance U.S. hotel business. Included in the announcement was a note that GE had reached an agreement with a “different buyer” for the Canadian Franchise Finance business.

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