DLC co-founders Gary Mauris and Chris Kayat, and Wind Mobile co-founder Anthony Lacavera, were part of a consortium that took a controlling stake in WealthONE Bank.
The group dropped $58 million for an almost two-thirds interest in the bank, which the Globe & Mail reports has never made a profit.
Past performance doesn't predict future results, however, especially with the right leadership. These guys above could probably invest in dial-up internet and still turn a profit.
Most likely, this deal is the launchpad for transforming WealthONE from a small-time player into an eventual mid-tier rival in Canada's banking market.
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