Denis Ricard, Executive Vice‐President
of iA Financial Group
Industrial Alliance Insurance and Financial Services Inc. (iA Financial Group) announced it has acquired CTL Corp., the largest privately‐owned consumer vehicle finance company in Canada.
The transaction was completed on October 2, 2015.
“This strategic acquisition expands the breadth of financial and insurance products that we currently offer through car dealers, and is expected to accelerate the development of our Dealer Services division across Canada,” said Denis Ricard, Executive Vice‐President of iA Financial Group, which provides insurance, car loans and other financial products and services to Canadian dealers.
Richard added CTL Corp., which has a loan portfolio valued at $100 million, will be able to bring credit analysis, underwriting and collection expertise to iA Financial.
“We are excited to join such a dynamic and forward‐thinking organization” said Jeffrey Newhouse, President of CTL, in a written release.
“iA has demonstrated its commitment to enhancing its car dealer experience. Being part of iA’s Dealer Services division, we anticipate our synergies will strengthen our competitive advantage, while adding significant value to the services offered to Canadian consumers looking to acquire a vehicle through our network of dealer partners.”
