Equitable Bank: Canada’s Challenger Bank™

By Knackles

In a press release, Equitable Bank (EQB), Canada’s Challenger Bank™, announced an innovative new partnership with BridgePoint Financial Services.

Providing the funds for a CA$60mn credit facility, EQB will assist BridgePoint, a leading provider of loans with a specific focus on legal services.

Part of a series of moves aiming to develop the organisation’s Specialised Finance group, EQB’s support in this project has been viewed as ‘dropping the gauntlet’ to the rest of the banking industry, as well bringing value to Canadian businesses. 

Setting itself apart

EQB currently manages more than $33bn in assets, making it the country’s ninth-largest Schedule I Bank (or ‘domestic bank’). 

Recognising that the world is changing and that finance necessarily has to change with it, the bank is favouring digital innovations and channels to bring its customers a truly modern experience. 

Seeking to differentiate itself from competitors in the sector, EQB has also been exploring a diverse portfolio of investments, making the partnership with BridgePoint a logical choice.

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"We are very excited to partner with Equitable," said Co-Founder of BridgePoint John Rossos. "Our business is not a traditional lending business and it is difficult for conventional banks to understand what we do and how we do it. 

“Equitable has a dynamic view of the market and has demonstrated its ability to offer innovative solutions. This partnership will enhance our ability to facilitate access to justice for our clients." 

Expanding its operations

As well as developing its client base, EQB is also expanding its presence nationwide and has chosen to relocate to Toronto in a bid to accommodate the bank’s large workforce under one roof.

“This move complements our growth with an innovative and state-of-the-art facility that fosters an environment where our employees can collaborate and challenge one another,” commented Jody Sperling, SVP of HR.

"Closer proximity to the downtown core, with convenient access to Union Station, means we can continue to recruit the best of the best with the skills needed to thrive at Canada's leading digital bank."

For more information on business topics in Canada, please take a look at the latest edition of Business Chief Canada.

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