Canadian Western Bank completed its previously announced acquisition of the loan portfolio and related business assets of GE Capital’s Canadian franchise financing business, now known as CWB Franchise Finance.

CWB Franchise Finance will provide financing across Canada to companies in the franchised hospitality and restaurant industries, and the acquisition includes key employees to support CWB’s continued strategic growth.

The balance of loans acquired is approximately $345 million, and no goodwill or intangible assets were included in the purchase structure. The transaction absorbed approximately 15 basis points of common equity Tier 1 capital upon closing. Other terms of the asset purchase agreement have not been disclosed.