Raymond James to Buy $650M of Allied Irish's Canadian Loans

Raymond James Financial said late Thursday that it had entered into a definitive agreement to buy the assets of Allied Irish Banks’ Canadian operations. The Canadian portfolio being acquired includes some $650 million in loan commitments, of which $500 million is outstanding. 

The portfolio, which will be owned by Raymond James Bank, is “highly diverse and performing well with loans located across various sectors throughout Canada,” the company said in a press release. “Through this transaction, Raymond James Bank has established a newly created finance company in Canada which will allow it to expand its corporate and real estate banking activity.”

According to CEO Paul Reilly (left), “This acquisition reflects Raymond James’ ongoing growth strategy to expand our existing corporate lending practice to other key markets. We are building on our already significant presence in Canada and leveraging the growing equity-capital markets business of Raymond James Ltd., our existing Canadian subsidiary,” he said in a press release.

Raymond James Financial, which is based in St. Petersburg, Fla., has some 5,300 advisors and $280 billion in client assets under administration. Most advisors do business in the United States, though some 445 serve clients in Canada. In the quarter ended March 31, Raymond James managed 12 corporate public offerings in the United States and 16 in Canada.