Wealth One Gets New Life as Canadian Investor Group Closes Deal

Canadian investment firm Globalive Corp.and a group of backers have closed their acquisition of Wealth One Bank of Canada, with plans to raise more capital soon to grow its lending business.

Toronto-based Globalive teamed up with half a dozen players in mortgages and wealth management to buy all the shares of the small digital bank. The Canadian government approved the transaction in June.

The deal ends a long period of uncertainty for the bank after the federal government raised concerns in late 2022 about the alleged ties to the Chinese government of three of its original shareholders ...