TORONTO, July 14, 2021 /CNW/ - Equitable Bank, Canada's Challenger Bank™, announced a broadening of its life insurance lending program by introducing a new arrangement with Desjardins Insurance. This will allow qualifying Desjardins policyowners to access funds through an Equitable Bank Cash Surrender Value (CSV) Line of Credit.
"The exponential growth of our CSV lending program is so exciting and comes at a time when more and more Canadians are seeking out different ways to access capital for their everyday lives," said Damon Knights, Vice President of Sales and Distribution for Personal Banking at Equitable Bank, "With the addition of Desjardins Insurance – a trusted name in Canadian insurance – we're continuing to build a lending program that can meet the needs of more Canadians."
"This partnership allows Desjardins Insurance to expand its range of services to policyowners who would like to use their life insurance in order to carry out short-term projects," said Yves L. Giroux, Vice-President - Multi-Network Business Development. "This arrangement will offer more options to our clients and an easier access to credit facilities"
The CSV suite of products provides access to innovative insurance solutions that give policyowners tax-free cash flow opportunities. With flexible options provided via trusted lending arrangements -- like this one with Desjardins -- Canadians have more choices than ever to think about the life they want to be living. An Equitable Bank CSV Line of Credit can provide whole life policyowners with an alternative source of liquidity rather than selling investments or other liquid assets.
Equitable Bank's CSV Line of Credit suite is made up of the FLEX and MAX products. Visit www.equitablebank.ca/lines-of-credit/csv to learn more and connect with your financial or insurance advisor to decide if the Equitable Bank CSV Line of Credit is the right solution for you. A full list of partner insurers can be found on the Equitable Bank website.
About Equitable Bank Wealth Solutions
Equitable Bank offers a suite of solutions tailored to individual clients' financial needs, for every stage in life. From a wide range of Canadian and U.S. dollar deposit products, including short- and long-term GICs, one-year cashable GICs, and high interest savings accounts, to asset decumulation through reverse mortgages and CSV lines of credit, Equitable helps investor clients reduce portfolio volatility, grow savings, and find solutions that work for them.
Equitable Group Inc. trades on the Toronto Stock Exchange (TSX: EQB and EQB.PR.C) and serves over a quarter million Canadians through Equitable Bank, Canada's Challenger Bank™. Equitable Bank has grown to become the country's eighth largest Schedule I bank measured by market capitalization, with a clear mandate to drive real change in Canadian banking to enrich people's lives. Founded over 50 years ago, Equitable Bank provides diversified personal and commercial banking and through its EQ Bank platform (eqbank.ca) is a recognized innovator in digital services. Please visit equitablebank.ca for details.
About Desjardins Group
Desjardins Group is the largest cooperative financial group in North America and the fifth largest cooperative financial group in the world, with assets of $377.0 billion. In 2020 it was ranked as one of the world's Top 100 Employers by Forbes magazine. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Ranked among the world's strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and credit ratings in the industry.
SOURCE Equitable Bank