Canadian Western Bank announced its recent signing of an asset purchase agreement to acquire GE Capital's Canadian Franchise Finance business. The business provides financing across Canada to a diverse group of established companies in the hospitality and restaurant industries.

The acquisition will include key employees required to complement CWB's continued strategic commercial banking growth and geographic expansion. The balance of loans to be acquired is approximately $350 million. The transaction is expected to close in CWB's third quarter of fiscal 2016, subject to customary approvals.

CWB Group (CWB) is a diversified financial services organization serving businesses and individuals across Canada. Operating from its headquarters in Edmonton, Alberta, CWB's key business lines include full-service business and personal banking offered through 42 branches of Canadian Western Bank and Internet banking services provided by Canadian Direct Financial (CDF). Highly responsive specialized financing is delivered under the banners of CWB Equipment Financing, National Leasing, CWB Maxium Financial and CWB Optimum Mortgage.