Charles Schwab Canada has signed a three-year agreement with Laurentian Bank of Canada subsidiary B2B Trust for the development and supply of banking and financial products.
The integrated online brokerage, advisory and portfolio management firm will market the products to its Canadian clients under the SchwabOne brand name. Formal confirmation of the deal follows an agreement in principle struck by the two companies in mid-June.
"By drawing on B2B Trust's expertise in banking product development and the capacity of its technological infrastructure, we will be able to offer our Canadian clients a banking product comparable to SchwabOne, one of the most popular broker accounts in the United States," says Paul Bates, president and CEO, Schwab Canada. "We are planning to launch this new product in the fall, as planned, throughout the Canadian market."
In the next three months, Schwab Canada will launch a multifunctional account for its Canadian clients. The account will include a range of banking products such as a current account, Visa account with a reward programme, debit card, bill payment and telephone-based banking services.