Institute of Canadian Bankers bought by Thomson

(January 23, 2004) The Institute of Canadian Bankers (ICB) — the educational arm of the Canadian Bankers Association — has been acquired by electronic information giant Thomson Corporation.

The ICB will become part of Thomson’s educational division: Thomson Delmar Learning. Financial terms of the deal were not released. The ICB, which awards four professional designations, including the Personal Financial Planner (PFP), is based in Montreal, with offices in Toronto and Calgary.

“The banks were looking at the future and how to make ICB stronger and give it more market presence,” says ICB executive director Marie Muldowney. “Thomson brings a lot of e-learning expertise and an international presence, a chance for us to get out in the larger market.”

The sale will not have an impact on ICB’s courses and the institute’s designations will be maintained, Muldowney says. “It’s business as usual.”

Last year, the ICB’s financial planning program was approved by the Financial Planners Standards Council as a course of study leading to the CFP designation. ICB’s accredited status with the FPSC will not change.

Similarly, there is no change in ICB’s accredited status with the Canadian Institute of Mortgage Brokers and Lenders and the Society of Trust and Estate Practitioners. ICB’s investment funds and branch compliance certification courses will continue to be recognized by regulators.

Looking ahead, Muldowney says ICB will look at what Thomson has to offer in terms of product lines in order to bring them in and adapt them to the financial services market. “There are lots of possibilities there,” she tells Advisor.ca.

There are no plans to change the ICB name and all staff will join Thomson. “It’s really a win for everyone, the employees, the banks and the students, I couldn’t be happier,” Muldowney says.

Representatives of the Canadian Bankers Association and Canada’s banks will sit on ICB’s advisory board.

“We’re looking forward to continuing ICB’s long history of developing and delivering financial services training and education in Canada and expanding into new content areas and internationally,” adds Thomson Delmar’s Mark Goldstein.

Thomson is headquartered in Stamford, Connecticut with 43,000 employees providing services in 130 countries.

Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com