New "bank" for brokers

New "bank" for brokers

New "bank" for brokers

It’s now official, with the newly-minted B2B Bank offering its own branded line of mortgage products through brokers and no longer those labeled "Laurentian."

"We are very excited to now offer our mortgage products under the B2B Bank name," said Christine Zalzal, VP of marketing for the lender. “Our products and services remain unchanged, and we will continue to serve the mortgage broker community with best-in-class mortgage products at competitive rates, with the same unparalleled level of quality service brokers expect."

Formerly known as B2B Trust, B2B Bank previously offered the mortgage products of its parent company, Laurentian Bank. The change is aimed at better positioning the B2B Bank brand and enhancing its recognition within the mortgage broker network outside of Quebec.

The word “bank” may also make it an easier sell for mortgage brokers grappling with client preferences for those types of institutions. Still, the official loss of the Laurentian name may sacrifice some of the brand recognition the Quebec-based bank has begun to cultivate in Eastern Ontario as well as parts of the GTA, areas where branches already exist.

Still, the step toward greater autonomy for B2B may help to better differentiate broker offerings from those at the branch, said one analyst Tuesday.

B2B is, in fact, retaining its current broker support team to service the channel.

The move to become a bank also opens up cross-selling opportunities for B2B, something brokers are very cognizant of, said another mortgage professional.

“So customers that came to us before just for the mortgage will be able to have a mortgage, GICs, loans and have access to those online and have a more holistic relationship with the bank than they did in the past,” Francois Desjardins, president & CEO of B2B Bank, told CMP last month.