Equitable Bank plans to terminate C$400 million backstop facility

By Wendy Van Sickle

Columbus, Ohio, Dec. 9 – Equitable Bank gave notice to permanently reduce its C$400 million secured backstop liquidity facility, effective Friday, and plans to terminate the facility immediately after that, according to a press release on Wednesday.

“This withdrawal signals ongoing confidence in the bank’s liquidity, as well as its strong position for continued growth,” the bank said.

Equitable entered into the facility in June 2019.

Equitable Bank, a Toronto-based financial services company, is a subsidiary of Equitable Group Inc.

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