Coast Capital Group of Companies and Travelers Financial Corporation Combine Equipment Finance Businesses to Create Travelers Finance Ltd.
Coast Capital Equipment Finance Ltd. (CCEF), a subsidiary of Coast Capital Savings, and Travelers Financial Corporation (TFC) announced today that the assets of the prime equipment and vehicle finance business of TFC are now part of the Coast Capital Group of Companies.
The consolidated equipment finance business of the Coast Capital Group of Companies will be carried out under CCEF and two new entities, Travelers Finance Ltd. and Travelers Leasing Ltd.
The combination will help strengthen offerings, diversify origination channels, and add new technology for faster service to customers. The day-to-day operations will remain business-as-usual with no significant changes for customers, staff or leadership of each company.
"By joining forces we are drawing on each organization's natural strengths to create something truly special," says Tracy Redies, Coast Capital Savings' President and CEO. "It is good for us as an organization, good for our customers and certainly good for the marketplace as we have industry leading expertise and the ability to go out with superior offerings."
TFC is one of the largest independent finance and leasing companies in Canada, offering a wide range of assets-based financing solutions to commercial and industrial sectors. Headquartered in Burnaby B.C., they also have offices in Alberta, Saskatchewan, Manitoba and Ontario.
Jim Case, CEO, Travelers Financial Corporation, says that the transaction is an exciting next step for the business. "We have always focused on what we can do to better serve our customers," Case explains. "This is another way to ensure that we are continuing to bring the best in expertise and pricing to them. We are happy to be part of the Coast Capital Group of Companies and look forward to building on our shared success."