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.
You don't have access to this post on MortgageLogic.news at the moment, but if you upgrade your account you'll be able to see the whole thing, as well as all the other posts in the archive! Subscribing only takes a few seconds and will give you immediate access.
