Questrade Financial Group – Bank
To Launch A Full-Fledged Canadian Bank
Questrade Financial Group has received the green light from Ottawa to launch a full-fledged Canadian bank, marking a major step in its transformation from a discount brokerage to an all-in-one financial institution.
Questrade CEO Edward Kholodenko called the milestone “a monumental step” in the company’s mission to bring “much-needed competition to the Canadian banking landscape.”
Questrade first applied for a banking licence in 2019, beginning a six-year process that now culminates in a chartered bank ready to offer deposit and lending services directly to Canadians.
The banking licence opens the door to a renewed push into mortgages.
Questrade’s arrival as a chartered bank comes as other challengers, including Koho Financial and Banco Santander Canada, are also advancing through OSFI’s licensing process.
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