CI Financial buys remaining stake in WealthBar, will create CI Direct Investing

TORONTO – CI Financial Corp. says it has acquired the remaining 25 per cent of online investment firm WealthBar Financial Services Inc. that it did not already own.

Financial terms of the deal were not immediately available.

CI says the deal will allow for WealthBar to be combined with CI’s discount broker Virtual Brokers to create CI Direct Investing.

The new offering will provide online brokerage services as well as the wealth management and financial planning services offered by WealthBar.

CI acquired a majority stake in WealthBar in January 2019.

The remaining minority stake purchased by CI had been held by WealthBar executives.

This report by The Canadian Press was first published May 21, 2020.

Companies in this story: (TSX:CIX)