In less than three years, tens of thousands of
Canadians have put their trust in Canada's Challenger Bank™ to reach their
financial goals faster
TORONTO, Aug. 7, 2018 /CNW/ - EQ Bank, a tradename of
Equitable Bank (TSX: EQB and EQB.PR.C), announced it has surpassed
$2 billion in deposits, an important
milestone for the digital bank that now services more than 60,000
customers.
Since its launch in 2016, EQ Bank has continued to challenge the
traditional banking model and earn the trust of Canadians by
understanding what they want out of a bank and providing innovative
products to help them meet their financial goals, faster. Earlier
this year, EQ Bank listened to its customers' desire to save more
money and expanded its product offering with Guaranteed Investment
Certificates (GICs), which offer competitive rates with a low
minimum deposit of only $100.
In less than three years, EQ Bank, Canada's first digital-born bank has reached
$2 billion in deposits faster than
previous branchless banking options in Canada, such as telephone banking, grocery
kiosks and internet banks. EQ Bank's deposits grew by 52% in 2017
and are on track for another strong year of growth in 2018.
"As Canada's Challenger Bank,
this milestone is showing that our approach is working to help
Canadians rethink banking," said Andrew
Moor, CEO and President of Equitable Bank. "Our growth is
driven by how well we serve Canadians, our commitment to continuous
product innovation, and ultimately offering a better way of
banking. With simple solutions, great customer experiences and
convenient options, EQ Bank continues to provide the best choice
for digital-first Canadians looking to save more, faster."
EQ Bank's launch was marked by introducing the EQ Bank Savings
Plus Account, which allows customers to pay bills, transfer money,
and earn everyday high interest – all from one account, without
needing a chequing account. Its digital platform – without the
costs of traditional branches or legacy system limitations – helps
Canadians get the most out of their money.
By rethinking conventional approaches to banking and
continuously evolving to meet the growing needs to its customers,
EQ Bank is committed to optimizing customer experience, providing
exceptional in-house Canadian customer service and delivering a
better way to bank.
About EQ Bank
With more than $2-billion in deposits, EQ Bank - launched in
January 2016 by Equitable Bank, a
federally regulated Schedule I bank - offers Canadians a
branchless, completely digital banking experience. Designed to help
Canadians reach their financial goals, the EQ Bank Savings Plus
Account offers an everyday high interest rate with no monthly fees,
no minimum balance, bill payments, and more – all from one account.
Its Guaranteed Investment Certificates (GICs), offers Canadians a
flexible savings solution with competitive rates. To learn more,
please visit eqbank.ca.
About Equitable Group Inc.
Equitable Group Inc. is a
growing Canadian financial services business that operates through
its wholly‐owned subsidiary, Equitable Bank. Equitable Bank,
Canada's Challenger Bank™,
is the country's ninth largest independent Schedule I bank and
offers a diverse suite of residential lending, commercial lending
and savings solutions to Canadians. Through its proven branchless
approach and customer service focus, Equitable Bank has grown to
over $25 billion of Assets Under
Management. EQ Bank, the digital banking arm of Equitable
Bank, provides state‐of‐the‐ art digital banking services to more
than 60,000 Canadians. Equitable Bank employs more than 600
dedicated professionals across the country and is a 2018 recipient
of Canada's Best Employer Platinum
Award, the highest bestowed by AON. For more information about
Equitable Bank and its products, please visit equitablebank.ca.
Cautionary Note Regarding Forward-Looking
Statements
Statements made by the Company in this news
release, in other filings with Canadian securities regulators and
in other communications include forward-looking statements within
the meaning of applicable securities laws ("forward-looking
statements"). These statements include, but are not limited to,
statements about the Company's objectives, strategies and
initiatives, financial result expectations and other statements
made herein, whether with respect to the Company's businesses or
the Canadian economy. Generally, forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "planned", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases which state that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, closing of transactions, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking statements, including but not
limited to risks related to capital markets and additional funding
requirements, fluctuating interest rates and general economic
conditions, legislative and regulatory developments, the nature of
our customers and rates of default, and competition as well as
those factors discussed under the heading "Risk Management" in the
Management's Discussion and Analysis and in the Company's documents
filed on SEDAR at www.sedar.com. All material assumptions used in
making forward-looking statements are based on management's
knowledge of current business conditions and expectations of future
business conditions and trends, including their knowledge of the
current credit, interest rate and liquidity conditions affecting
the Company and the Canadian economy. Although the Company believes
the assumptions used to make such statements are reasonable at this
time and has attempted to identify in its continuous disclosure
documents important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. Certain material assumptions
are applied by the Company in making forward-looking statements,
including without limitation, assumptions regarding its continued
ability to fund its mortgage business at current levels, a
continuation of the current level of economic uncertainty that
affects real estate market conditions, continued acceptance of its
products in the marketplace, as well as no material changes in its
operating cost structure and the current tax regime. There can be
no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
does not undertake to update any forward-looking statements that
are contained herein, except in accordance with applicable
securities laws.
SOURCE Equitable Bank