Online brokerage company Questrade Financial Group Inc. is looking for a bank license, according to a report in the Federal Government newspaper.
Toronto-based Questrade intends to apply to the federal government for a legal instrument, known as a letter patent, which includes Quest Bank, said in a November 16 Canadian newspaper report.
The company also filed for a trademark application for Quest Bank in October, according to a government register stating that the lender can provide a wide range of basic banking services, including those related to investment banking, venture capital and insurance. The app has suggested that Quest Bank may also provide a credit card loyalty program.
Questrade started in 1999 and now has more than $ 9 billion in assets. The company offers self-directed investment and a robo-advisor. It is known, among other things, for a series of television commercials in which investors deal with the level of fees they pay.
Quest Bank will be based in Toronto, according to a report in Canadian Gazette, east of Mississippi, based in Community Trust Co., a federally regulated deposit-taking trust company, making loans and owned by Questrade.
Questrade's banking application will now be reviewed by The Office of the Supervisor of Financial Institutions, after which the regulator will make a recommendation to the Federal Minister of Finance. If the Minister decides to issue a patent by letter, Questrade will still be subject to further consideration before the ESIA decides whether to grant Quest Bank an order to start and conduct business.
"The publication of this notice should not be construed as evidence that a patent will be issued with letters of incorporation for the bank," the Canadian newspaper said. "The grant of a patent for letters will depend on the usual process of reviewing the application for the law and on the discretion of the Minister of Finance."
Questrade did not immediately respond to a request for comment.
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