Network not for sale

Network not for sale

Network not for sale 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.

“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.”

Verico 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.
 
6 Comments
  • Deborah 2014-07-10 12:10:56 PM
    The banks wanted to get into the stock market and purchased their way into that too! Just buy a brokerage firm and Voila!
    Post a reply
  • Smart Broker 2014-07-10 12:26:05 PM
    Please stop with this non sense! Verico has been for sale for years. They had discussions to sell the company to DLC, Mortgage Architects and Canadian First Bank!

    why does this industry needs to make stories up to make themselves feel good?
    Post a reply
  • Ron Butler 2014-07-10 2:54:50 PM
    Every company could be sold in this country with the possible exception of the Big 6 banks. There is no shame at having another company asking whether they can purchase you. All the super brokers and networks are all for sale if the price was right. I am dead certain of that.

    Banks have bought and built super brokers and networks before. All ended in tears.
    Post a reply