Office address: Equitable Bank Tower, 30 St. Clair Avenue West, Suite 700, Toronto, ON, M4V 3A1
Website: www.equitablebank.ca
Year established: 1970
Company type: banking
Employees: 1,721
Expertise: mortgages, residential and commercial lending, reverse mortgages
Parent company: EQB Inc.
CEO and key people: Andrew Moor, President and CEO
Financing status: corporation
Equitable Bank, known as Canada's Challenger Bank™, is a significant player in the Canadian mortgage industry, with more than $67.9 billion in assets. Standing as a wholly owned subsidiary of EQB Inc., Equitable Bank ranks as the seventh-largest Schedule I bank in Canada. The bank has made a name for itself by offering a diverse suite of residential lending, commercial lending, and savings solutions, catering to a wide range of financial needs.
Founded in 1970 as The Equitable Trust Company, Equitable Bank has evolved significantly over the years. It has grown from its early days into a major financial institution, navigating various economic landscapes, including the financial crisis of 2008. A pivotal moment in its history was the transformation of The Equitable Trust Company into Equitable Bank in 2013, marking its entry as a Schedule I bank.
The key products and services offered by Equitable Bank include:
residential mortgages: Equitable Bank offers a variety of mortgage products, tailored to meet the diverse financial circumstances of Canadians. Customers are encouraged to consult with brokers for personalized mortgage solutions
savings solutions: the bank provides high-interest savings products and Guaranteed Investment Certificates (GICs), catering to both short-term and long-term investment goals
digital banking with EQ Bank: launched in 2016, EQ Bank represents Equitable Bank's foray into digital banking, offering simple and convenient banking solutions
reverse mortgages: specifically designed for Canadians aged 55 and over, these mortgages allow homeowners to leverage the equity in their homes for financial security
Equitable Bank fosters a culture of innovation and adaptability. This is perhaps best exemplified in its shift towards digital banking, which is aligned with consumer preferences. The bank emphasizes providing better service and deals for customers through its digital channels, reflecting a commitment to evolving with the changing financial landscape.
Andrew Moor has been leading Equitable Bank as its president and CEO since March 2007. Under his leadership, the bank's assets have grown significantly, and it has established itself as a major player in the Canada Mortgage Bond program. Moor's vision for Equitable Bank as "Canada's Challenger Bank" has been instrumental in its growth, particularly in the digital banking sector with the launch of EQ Bank.
Looking ahead, Equitable Bank is leveraging technology to further improve financial services. And the bank's commitment to digital innovation and customer-centric solutions will help it remain a key competitor and influencer in Canada's banking sector.
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