Equitable Bank sells its Bennington equipment-leasing business to Desjardins

Discount to lease receivables

8 % (about)

Desjardins will buy Bennington Financial at a price equal to a discount of about eight per cent of its lease receivables.

Bennington, EQB's commercial equipment leasing and financing arm, held about $1.1 billion in lease receivables at Jul 31.

Why it matters

EQB chief executive Chadwick Westlake says the sale lets the bank focus its capital on core growth priorities. The bank completed its PC Financial acquisition earlier this year.