Online brokerage Questrade Financial Group Inc. is seeking a banking license, according to a notice in the federal government newspaper.
Questrade, based in Toronto, intends to submit an application to the federal government for a legal instrument, known as patent letters, which would incorporate "Quest Bank" states November 16 Canada Gazette notice.
The company also filed a trademark application for Quest Bank in October, according to a government register, which indicated that the lender could provide a wide range of basic banking services, as well as those related to investment banking, venture capital investments and insurance. The application suggested that Quest Bank could also provide a credit card loyalty program.
Questrade was launched in 1999 and now has over $ 9 billion in assets. The company offers independent investments and a robo-advisor. It is also known, among other things, for a series of TV ads in which investors dispute the level of the commissions they are paying.
Quest Bank would be based in Toronto, according to the Canadian Gazette, just east of the Community Trust Co., based in Mississauga, a federally regulated trust company that accepts deposits, lends loans and is owned by Questrade.
Questrade's banking application will now be reviewed by the office of the superintendent of financial institutions, after which the regulatory authority would make a recommendation to the Federal Minister of Finance. If the minister decides to issue the patent for the letters, Questrade would still be subject to a further revision before OSFI decides whether to grant Quest Bank an order to start and conduct business.
"The publication of this notice should not be interpreted as proof of the issuance of a patent of letters to incorporate the bank," the Canadian newspaper said. "The granting of the patent for letters will depend on the normal process of revising the application of the banking law and on the discretion of the Minister of Finance."
Questrade did not immediately respond to a request for comment.