iA Financial Group announced Feb. 5 its plan to create a holding company that would comprise all of the company’s activities.
In an announcement, iA said that it has grown substantially since 2000 when it became a public company and is now one of Canada’s largest financial services companies.
More financial flexibility
"We believe it would be beneficial to adapt our legal structure to the current reality of our organization," explains President and CEO Yvon Charest. "A holding company would give us more financial flexibility to execute our growth strategy and better reflect the diversification of our operations."
iA Financial Group underlines that it is in competition with other major players that already benefit from this type of legal structure.
"It would clearly be to our advantage to have the same flexibility as our key competitors," says Chief Operating Officer Denis Ricard. "We are committed to continued growth and that means becoming an increasingly important player in both the Canadian and U.S. markets."
Private member's bill
iA says a holding company can be created in various ways. The company says it will submit a private member's bill to Quebec’s National Assembly during the current or a future session which will propose changes to the Act respecting Industrial-Alliance Life Insurance Company adopted on Nov. 26, 1999. More details about the new structure will be announced in the coming months.