Unable to achieve scale, the $14.5 billion Vancity Credit Union said it has sold the majority of its retail loans offered through its online banking division after the service failed to take off.
Citizens Bank, Vancity's online banking subsidiary, will become a non-deposit-taking division focused on Visa credit card services and foreign exchange services for nonretail members, Canada's largest credit union said on Aug. 5.
Vancity said it sold Citizens Bank's residential mortgages, personal loans and real estate secured lines of credit on Aug. 5 to Toronto-Dominion Bank for an undisclosed price. Citizens Bank's three boutique branches in Vancouver, Calgary and Toronto will close in December. Loans will continue to be serviced until a conversion is completed in early 2010. The online bank has 30,000 members.
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