Goldman Sachs announces deal to buy Canadian bank

Goldman Sachs announced Tuesday it is acquiring the Canadian bank, Virtus Investment Partners, for $3.8 billion in cash and a $1.1 billion stake in Virtus Canada.

“We are excited to acquire Virtus for our long-term future as we continue to serve our customers, invest in our communities, and invest in innovation,” said Steven A. Cohen, President and CEO of Goldman Sachs Group Inc. “Virtus is a leading Canadian bank with a proven track record of supporting small businesses and innovators across the country.”

A deal would be the latest in a series of moves by the world’s largest bank to acquire businesses, including the acquisition of Toronto-based bank CIBC in March and the sale of the U.S. lender BB&T to Bank of America in February.

But it would be Goldman’s first major investment in a Canadian bank.

Virtus is based in Toronto and has assets in Toronto, Montreal, Quebec and Nova Scotia.

The Canadian division is a subsidiary of the Swiss bank UBS AG, which also owns the Toronto-Dominion Bank, TD Bank and the UBS Capital Markets unit of U.K. investment bank Blackstone Group Plc.

The bank has about $4.5 billion in assets under management.

Cohen said in a statement the deal “will bring significant new resources and expertise to Virtus, and we look forward to the Virtus team bringing its global talent to Goldman Sachs.”

The deal will also strengthen the Canadian division and the bank’s global footprint.

Virtu has a strong relationship with the U,C.O. group of global banks, where it has helped manage the global exposure of banks and their investments.

It has a number of subsidiaries around the world, including in Australia, the U and Canada.

The acquisition would create a total of 2,500 jobs and boost the bank to $3 billion in annual revenue, a 50% increase over the $2.4 billion in revenue Virtus had in 2017.

Goldman Sachs said in the statement that Virtus was also a strong performer in the global financial services market in 2018.

Goldman and Virtus share a history of investing in a number in the banking industry, including Canadian banks.

The two banks, which are both owned by Goldman Sachs, were the only banks in Canada to report positive cash flows during the fourth quarter.

They have been investing in various projects in various parts of the world.

Goldman said in its statement that the deal was “the culmination of a significant and collaborative process, which began in early 2018 and continued through the end of the year.”

A Goldman Sachs spokesman declined to comment on the terms of the deal.

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