ATB Financial, AltaCorp Capital Group move closer

Provincial bank is brokerage firm's largest shareholder

ATB Financial, AltaCorp Capital Group move closer
Steve Randall
Albertan financial institution ATB Financial and full-service brokerage firm AltaCorp Capital Group have announced a deepening of their strategic partnership.

The passing of AltaCorp’s founder George Gosbee in November last year means that ATB is now AltaCorp’s largest shareholder, although employees still hold a sizeable shareholding; and the firm wants to support the late entrepreneur’s vision for the business.

“With the passing of George, our close friend and colleague, it is time for us to provide added strength and support the team at AltaCorp as we move forward,” said Dave Mowat, President and CEO, ATB Financial.

Mowat added that the reason ATB partnered with AltaCorp originally was to embrace and support the entrepreneurial spirit of Alberta and that aim has not changed.

Partnership will give AltaCorp a unique position
“This ongoing partnership with ATB will allow us to continue to provide support for our clients throughout the province, Canada and internationally, with all aspects of their capital markets needs,” said Paul Sarachman, President and CEO of AltaCorp.

He added that the ability to offer independent advice but also the full suite of financial services offered by ATB will make AltaCorp “extremely unique in the Canadian capital markets space.”