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Meridian buys Scotiabank leasing unit

Scotiabank is selling its Roynat Lease Finance, a leasing service division, to Meridian. The unit helps businesses sell and lease their equipment. At the end of 2015, Roynat Lease Finance had a portfolio of leases valued at approximately $910 million. Meridian CEO Bill Maurin said the unit is highly complementary to the strength Meridian has built in small and commercial lines of business. Meridian has grown organically and through acquisitions over the years to become the largest credit union in Ontario with $13 billion in assets under management and 76 branches, but has no operations outside the province. The Roynat business will give them a toehold into other provinces as Roynat has 106 full-time employees and offices in B.C, Alberta, Saskatchewan, Manitoba, Ontario and Quebec.

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