ATB Financial signs deal to acquire independent investment bank Cormark Securities

ATB Financial has signed a deal to acquire Cormark Securities Inc., an independent investment bank with offices in Toronto and Calgary.

ATB did not disclose the deal’s financial details.

Cormark provides investment banking, equity research coverage and institutional sales and trading to clients in Canada and internationally.

“The partnership will allow us to significantly increase our broker-dealer scale, enhance our multiproduct coverage (including investment banking, corporate banking, equities, equity research and fixed income, currencies and commodities) and establish a stronger presence across Canada and the U.S. to drive more deals and attract top talent,” Curtis Stange, president and CEO of ATB Financial said in an email.

Cormark will be fully integrated into the ATB Capital Markets, Stange said. Under the deal, ATB Capital Markets and Cormark will integrate their operations under ATB Capital Markets’ CEO Darren Eurich. Cormark’s teams and systems will be integrated into ATB’s existing technology, policies and operations.

Cormark executive chairman Scott Lamacraft will be executive chair, while Cormark chief executive Susan Streeter will become head of strategy and growth.

The companies said the acquisition is expected to close in the fall pending customary closing conditions, including regulatory approvals.