199 Bay St, Suite 4000, Commerce Court West, Toronto, ON
Year called to bar: 1988 (ON)
Paul is group leader of the Financial Services Group. His practice encompasses all aspects of the regulation business and affairs of financial institutions, including banks, insurance companies, and other regulated and unregulated providers of financial services. Paul advises on governance, enterprise risk management, business and ownership structures, permitted investments, capital, related-party transactions, licensing, product development and distribution matters, and all regulatory issues. Paul advises on acquisitions, pension de-risking transactions, divestitures, reorganizations, and joint ventures involving financial service providers, and advises financial services providers on inter-company agreements, cross-border supervision and delivery of services, outsourcing agreements, and referral arrangements. He is frequently involved in the delivery of training through participation in industry conferences and organization-specific seminars. He is consistently ranked as a leading lawyer in all major legal directories and ranking publications.
Great-West Lifeco Inc., a subsidiary of Power Financial Corporation, itself a subsidiary of Power Corporation of Canada, successfully closed a substantial issuer bid to purchase $2 billion of its common shares
On April 29, 2016, the Bank of Nova Scotia (Scotiabank) sold the business operations and assets of Roynat Lease Finance, a lease financing business and a division of Roynat Inc., to Meridian Credit Union Limited (Meridian), Ontario’s largest credit union.
Intact Financial Corporation, through a wholly owned subsidiary, completed its acquisition of all of the issued and outstanding shares of Canadian Direct Insurance Inc. from Canadian Western Bank. The acquisition was financed by IFC exclusively with excess capital. The acquisition enhances IFC’s position in Canada by extending its direct-to-consumer operations from coast to coast.
On March 3, 2015, Sun Life Financial Inc. and BCE Inc. announced a new agreement that further advances BCE’s pension de-risking strategy by transferring longevity risk for C$5 billion of pension plan liabilities to Sun Life Assurance Company of Canada.
Scotiabank completed the acquisition of a 20 per cent equity interest in the financial services business of Canadian Tire Corporation, Limited for $500 million in cash. As part of the new business partnership, Scotiabank has agreed to provide a funding commitment to the financial services business of up to $2.25 billion and the parties have entered into a marketing program agreement to pursue joint marketing initiatives.