Canada’s seventh-largest bank is expanding its operations in Calgary with a new Beltline office. Read More
’Today is a major step forward, not only for Equitable Bank, but for our city,’ said Mayor Jyoti Gondek
‘Today is a major step forward, not only for Equitable Bank, but for our city,’ said Mayor Jyoti Gondek
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Canada’s seventh-largest bank is expanding its operations in Calgary with a new Beltline office.
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Dozens of employees from EQ Bank, which is the digital brand of Equitable Bank, gathered for a ribbon cutting at the new office on 909 11 Ave. S.W. on Wednesday.
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Part of EQ Bank’s continued national expansion, the new office will help accommodate future growth — with space to nearly double staff from the current 54 people.
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“(We are) super excited to be launching and leading our bank in the West for this growth,” said Michael Wolfe, vice-president of residential credit at EQ Bank.
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The bank operates a fully digital model without branches and grows about 15 per cent per year. Currently, around 100,000 Albertans use EQ Bank, according to its CEO.
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“We’re really on agenda to drive change in Canadian banking to improve people’s lives,” Andrew Moor, president and CEO of EQ Bank, told Postmedia.
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Having branches, lining up and chequebooks feel like a “thing of the past,” said Moor.
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“It’s really changing the banking landscape and bringing competition to the banking market that really hasn’t been as evident in Canada as it has in other countries around the world,” he said.
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Equitable Bank is headquartered in Toronto, but also has offices in Vancouver, Halifax, Saskatoon, Regina and Montreal. It’s had a Calgary office since 2006, which began as a team of just four people.
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Over the years, the Calgary office has grown from being solely mortgage-focused to expanding to renewals and service, according to Wolfe.
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“We see a tremendous opportunity to tap into the talent of Calgary and support our efforts as a bank as a whole,” said Wolfe.
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Bank’s lending could help tackle housing affordability
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Calgary Mayor Jyoti Gondek called the new office an “exciting milestone” in her remarks ahead of the ribbon cutting.
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“Today is a major step forward, not only for Equitable Bank, but for our city,” Gondek told the audience.
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With around 250 people moving to Calgary every day, Gondek highlighted EQ Bank’s role in tackling housing affordability.
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“It’s through the solutions that your bank offers and the services that you provide that people are actually able to live in Calgary,” she said.
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Wolfe said they support Canadians who are generally not served by “the big six” banks.
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“Entrepreneurs new to Canada, maybe there’s some individuals that had some credit challenges in the past . . . we’re a fantastic opportunity to provide them mortgage financing to get into the housing market,” he said.
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Moor added that a big part of their business is funding apartment buildings, a part of addressing housing shortages across Canada.
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“A lot of that tends to be in the larger urban centers, helping developers build apartment buildings, providing the financing to make that happen,” said Moor.
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He believes some may not be aware there are options beyond “traditional banks.”
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“People in Calgary should look at EQ Bank, recognizing there’s a Canadian bank run by Canadians, for Canadians . . . from all walks of life,” said Moor.
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