Calgary, Alberta--(Newsfile Corp. - March 19, 2024) - Olympia Financial Group Inc. (TSX: OLY) ("Olympia") is pleased to announce that Olympia Trust Company ("Olympia Trust"), a wholly-owned subsidiary of Olympia, intends to make an application to the Minister of Finance (Canada) (the "Minister") for continuance as a Federal trust company under the Trust and Loan Companies Act (Canada).
Olympia Trust's proposed continuance as a Federal trust company is subject to the prior approval of the Minister and receipt from the Superintendent of Financial Institutions of an order to commence and carry on business. Olympia Trust has entered the second phase of the application process, and provided that Olympia Trust's continuance as a Federal trust company is approved, Olympia Trust intends to seek registration as a trust corporation under the Loan and Trust Corporations Act (Ontario), which will permit Olympia Trust to solicit new customers, explore new business opportunities, and otherwise conduct business in Ontario, Canada's largest financial services market.
About Olympia Financial Group Inc.
Olympia Financial Group Inc. ("OFGI") conducts most of its operations through its subsidiary Olympia Trust Company, a non-deposit taking trust company. Olympia Trust Company is licensed to conduct trust activities in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick, and Nova Scotia. Olympia Trust Company administers self-directed registered plan accounts, corporate trust, and transfer agency services. OFGI also provides currency exchange and global payment services through its subsidiary Olympia Currency and Global Payments Inc., and offers private health services plans and information technology services to exempt market dealers, registrants, and issuers through its subsidiary Olympia Benefits Inc.
Olympia's common shares are listed on the Toronto Stock Exchange under the symbol "OLY".
For further information, please contact:
Olympia Financial Group Inc.
Rick Skauge, President and Chief Executive Officer
Jennifer Urscheler, Chief Financial Officer
Phone: (403) 261-0900
Fax: (403) 265-1455
Statements Regarding Forward Looking Information
Certain portions of this press release as well as other public statements by Olympia contain "forward-looking information" within the meaning of applicable Canadian securities legislation, which is also referred to as "forward-looking statements", which may not be based on historical fact. Wherever possible, words such as "will", "plans," "expects," "targets," "continue", "estimates," "scheduled," "anticipates," "believes," "intends," "may," and similar expressions or statements that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information. Forward-looking statements contained in Olympia's public disclosure include, without limitation, Olympia's earnings expectations, fee income, expense levels, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, catastrophic events, and Olympia's ability to complete strategic transactions and other factors. In addition, this news release contains forward-looking statements relating to: (a) Olympia Trust Company's intentions to make application for continuance as a Federal trust company; (b) the approval of Olympia Trust Company's application for continuance by the Federal Minister of Finance; and (c) subject to the prior continuance of Olympia Trust Company as a Federal trust company, the registration of Olympia Trust Company as a trust corporation under the Loan and Trust Corporations Act (Ontario).
All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current interest rate and liquidity conditions affecting Olympia and the Canadian economy. Certain material factors or assumptions are applied by Olympia in making forward-looking statements, including without limitation, factors and assumptions regarding interest and foreign exchange rates, availability of key personnel, the effect of competition, government regulation of its business, computer failure or security breaches, future capital requirements, acceptance of its products in the marketplace, its operating cost structure, the current tax regime and the ability of Olympia to obtain necessary third-party and governmental approvals, as applicable.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202350
