Scotiabank sells Roynat Lease Finance to Ontario credit union Meridian
Ontario's largest credit union has struck a deal to buy a division of leasing service Roynat from Scotiabank for an undisclosed sum.
Meridian said Tuesday it will purchase Roynat Lease Finance, a part of Roynat Inc. that helps businesses sell and lease their equipment. At the end of 2015, Roynat Lease Finance had a portfolio of leases valued at approximately $910 million.
"Meridian is very excited about this acquisition as Roynat Lease Finance is highly complementary to the strength Meridian has built in our small and commercial lines of business," Meridian's CEO Bill Maurin said.
Meridian has grown organically and through acquisitions over the years to become the largest credit union in Ontario with $13 billion in assets under management and 76 branches, but has no operations outside the province. The Roynat business will give them a toehold into other provinces as Roynat has 106 full-time employees and offices in B.C, Alberta, Saskatchewan, Manitoba, Ontario and Quebec.
Meridian says it has committed to make offers of employment to all current Roynat Lease Finance employees.