Meridian Credit Union acquires Roynat lease finance valued at around US$910 million

On April 19, 2016, Ontario’s largest credit union, Meridian Credit Union, acquired the Bank of Nova Scotia’s Roynat Lease Finance division. This transaction gives Merdian a portfolio of leases estimated at over $900 million. The Roynat unit, which had been owned by the Bank of Nova Scotia for about two decades, came up for sale in the beginning of 2016. Fasken Martineau advised National Bank of Canada who financed the acquisition, with a team led by Jon Holmstrom and including Tom Meagher, Louise Kennedy and Jay Choi (Banking) and Chris Steeves (Tax).