Industrial Alliance Securities (IA Securities), a subsidiary of Canada-based Industrial Alliance Insurance and Financial Services, has outsourced its back-office operations to National Bank Correspondent Network (NBCN) that include a suite of clearing, settlement, custody and operational support services.
IA Securities expects that by outsourcing its back-office to NBCN, it would be able to focus on growth, realize new operational efficiencies through NBCN’s automated operations processing and take advantage of cost savings afforded by NBCN’s size and scale.
Lise Douville, president of IA Securities, said: In NBCN, we have found a partner that shares that view and is committed to helping us deliver on the vision through its strong focus on service and technology. Outsourcing to NBCN presents a tremendous opportunity to make the business stronger.
David Burnes, executive vice-president and chief operating officer of NBCN, said: This decision further establishes NBCN as the leading provider within the Canadian clearing marketplace. NBCN’s flexible service model and national footprint work well with IA Securities’ business model and future growth plans.