“This is an interesting development, you wonder if this is the beginning of the banks gaining further control of the market and no better way than buying your way in and then making changes that will benefit the corp,” an anonymous commenter said on MortgageBrokerNews.ca. “If the right offer came to the principals of Verico
it’s hard to think they wouldn't sell the remaining shares of the company.”
recently announced B2B Bank had made an equity investment in the major broker network.
John Kelly, Verico
COO took to the comments section of MortgageBrokerNews.ca to assure its brokers – and those interested industry professionals – that a controlling stake of the broker network is not currently up for sale.
“I can tell you that over the past ten years ‘the right offer’ has routinely crossed our desks every year to sell control of Verico
Canada,” Kelly said. “We said no emphatically each time then, and we said no with this investment decision.
“Why? Admittedly, not solely out of any misguided sense of satisfaction. But simply because Verico
Canada has always been a blue chip ‘buy and hold’ for us,” Kelly continued. “It remains that way today. We like the company, the people, and the business.”
Specific details of the Verico
and B2B Bank deal have not yet been released.
One broker network executive has dispelled the notion that his company is looking to sell “to the highest bidder” following a deal that saw an influential channel player make an equity investment.