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Differences between Banks and Trusts

Blog by Brad Herman | March 18th, 2013

Canadian Mortgage Trends recently just reported on the fact that Equitable Trust, the second-largest alternative lender in Canada, is thinking about becoming a bank. While the company has stated that, should this be something that becomes reality, it will have “no impact on” its current business model, nor would it greatly affect their customers. It does lead to a question though that many don’t know the answer to: what’s the difference between banks and trusts?