The Ontario Teachers’ Pension Plan is gaining a minority stake in a new financial entity resulting from a merger between Fairstone Bank of Canada and Home Trust Company.
The new group will have a national branch and broker network to offer residential and commercial mortgages, personal loans, credit cards, retail financing, auto financing, digital lending and consumer deposits. The Smith Financial Corp. will own a majority interest in the new group.
“While Canada’s banking system is world-renowned, there remains an unmet demand for a lender dedicated to supporting underserved segments of the population,” said Jeff Markusson, senior managing director of financial services at the Ontario Teachers’, in a press release. “We see incredible upside in this merger to increase competition in the market and broaden access to financial services, ensuring an even more inclusive financial landscape for all Canadians.”
Read: Ontario Teachers’ invests in online education company, credit lender
In other news, the University Pension Plan is investing in U.K.-based rolling stock company Angel Trains Ltd. alongside infrastructure fund manager Arjun Infrastructure Partners Ltd.
Angel Trains operates more than 4,000 passenger rail vehicles. The financial details of the transaction weren’t disclosed. In a press release, Peter Martin Larsen, senior managing director and head of private markets investments at the UPP, said this transaction falls in line with its co-investment strategy alongside expert investors.
“Given UPP’s desire to support the transition to a low-carbon economy and Angel Trains’ focus on decarbonizing their fleet, along with the company’s strong management team, shareholder group and business, this is a very attractive opportunity for us.”
Read: CPPIB acquiring experience management software company, PSP selling 10% stake in locomotive business
The Ontario Municipal Employees’ Retirement System is closing an offering of U.S. dollar term notes worth US$1 billion. The notes, which carry a seven-year maturity rate, are priced at a yield of 4.86 per cent. The offering represents the eighth such transaction by the OMERS using U.S. currency and was led by central banks and official institutions (44 per cent) and followed by asset managers (28 per cent), bank treasuries and private banks (22 per cent), pension plans (four per cent) and corporates (one per cent).
And the Public Sector Pension Investment Board is buying a stake in Australian egg producer Ellerslie Free Range Farms. Financial details of the transaction weren’t disclosed.
“Our investment in this business is very much aligned with our approach of investing alongside best-in-class, local operators who share our values, long-term horizon and commitment to sustainable farming,” said Marc Drouin, senior managing director of real assets and global head of natural resources at PSP Investments, in a press release.
Read: PSP Investments reports $48.9BN exposure to green assets