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Mortgage Broker News | 04 Jul 2014, 10:51 AM Agree 0
One of Canada’s largest lenders has made an equity investment in one of the industry’s major broker networks which, according to the players involved, is a positive sign for the industry as a whole.
  • Ron Butler | 04 Jul 2014, 11:24 AM Agree 0
    Congrats to the equity holders at VERICO corporate. A decade of hard work pays off in this liquidity event. The reward is very well deserved and very welcome I am sure. Based on the wonderful results lenders have enjoyed over the years buying into super brokers and broker networks the very best wishes to B2B as well.
  • race to the bottom | 04 Jul 2014, 12:42 PM Agree 0
    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. If the right offer came to the principals of Verico its hard to think they wouldn't sell the remaining shares of the company.
  • John Kelly, COO VERICO Canada | 04 Jul 2014, 02:44 PM Agree 0
    Dear Race,

    I appreciate your insight and comment here. That fear is not unfounded, but I can offer some insight and comfort.

    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.

    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. It remains that way today. We like the company, the people, and the business ;)
  • Angela Wong-Liao - Invis Inc | 04 Jul 2014, 03:20 PM Agree 0
    I am glad of the equity injection into Verico from B2B and it can potentially strengthen the base of the mortgage brokerage industry.
  • Cory | 07 Jul 2014, 12:22 PM Agree 0
    I see this as a step to having clients say "I am staying with my Broker", instead of "at my bank". This surely opens the door to the Verico Broker Community being able to more wholly service their client base. Those who chose to only Broker Mortgages will likely see little difference, those who chose to encompass more of the banking experience will likely see great opportunity. Congrats Verico for positioning your members for greater success!
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