Raymond James closes Allied Irish Banks deal

Raymond James Bank, subsidiary of Raymond James Financial, has finalized its acquisition of the Canadian assets of Allied Irish Banks’ (AIB) Canadian operations.

“This initiative underscores our commitment to expanding our existing corporate lending practice to key markets outside of the United States,” says Steve Raney, president of Raymond James Bank. “Canada is a natural fit for us and we benefit immediately because of the established presence of our Canadian investment dealer, Raymond James Ltd.”

Raney feels that Raymond James will now be positioned to offer key banking services to corporate and institutional clients within Canada, and build its Canadian business. Daniel Simunac, managing director and principal officer, will be responsible for the Canadian-based division of Raymond James Bank, and currently leads a team of five banking professionals all located in Toronto.

The Canadian portfolio of Allied Irish Banks is comprised of approximately $507 million in loan commitments, of which $436 million is outstanding. The portfolio is highly diverse with loans across various sectors throughout Canada.

“This acquisition by Raymond James Bank gives us a unique opportunity,” says Paul Allison, chairman and CEO of Raymond James Ltd. “It adds to our existing platform and enhances our services for our corporate and institutional clients in Canada.”

Raymond James has a network of approximately 5,400 financial advisors across North America and manages more than $281 billion in client assets. In Canada, Raymond James Ltd. oversees $17 billion in client assets through a network of 460 financial advisors working out of 116 locations across Canada.

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