B2B Trust converts to chartered bank

MONTREAL — B2B Trust, a wholly-owned subsidiary of Laurentian Bank, announced Monday that it is converting into a schedule I federally chartered bank.The company, which will operate under the name of B2B Bank, said the change is effective immediately.“Over the past few years, B2B Trust’s activities have progressively evolved and now focus on the distribution of banking products and services via . . . (a) network of Canadian financial advisers,” B2B said in a news release.“B2B Trust has evolved considerably since its creation,” said Francois Desjardins, president and CEO of B2B Bank. “And today, our offering of banking products such as loans and deposits represents a large part of our portfolio.”B2B Bank, with headquarters in Toronto, provides some 23,000 financial advisers with banking products and services for distribution to their clients across Canada. It also is a third-party supplier of investment and RRSP loans, a supplier of deposit products and a provider of self-directed accounts, banking services and mortgage loans.The Canadian Press