Raymond James to Expand in Canada with Allied Irish Purchase

Published July 01, 2011, 4:18 p.m. EDT

Updated July 01, 2011, 3:18 p.m. EDT

1 Min Read

Raymond James Bank in St. Petersburg, Fla., is acquiring a $650 million loan portfolio from Allied Irish Bank's Canadian operation in Toronto.

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The banking subsidiary of Raymond James Financial intends transfer the loans to a newly created finance company from, which will allow it to expand its corporate and real estate banking business in Canada, the company said in a news release Thursday.

The acquisition would boost Raymond James' corporate and real estate portfolio by 10%.

Raymond James said the performing portfolio is "highly diverse" and holds loans "across various sectors throughout Canada." The transaction is expected to close by the end of the third quarter, pending Canadian and U.S. regulatory approvals.

Rachel Witkowski

Tech reporter

Rachel Witkowski was the tech/AI reporter at Financial Planning. She was previously a lead editor at Forbes Advisor, overseeing their loans and... Read full bio

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