Globalive Secures WealthONE in a Strategic Move for Future Expansion and Prosperity
In a major development for Canada's digital banking sector, Globalive, led by Chairman Anthony Lacavera, has announced the acquisition of WealthONE Bank of Canada. The Toronto-based digital bank, a federally regulated Schedule I bank, has received approval from the Canadian government to complete the transaction, with the deal set to close in mid-2025[1][2][3].
The acquisition follows a consortium approach, with Globalive and co-investors committing permanent capital and a long-term growth perspective for WealthONE. This strategic move aligns perfectly with Globalive's investment philosophy, which focuses on backing high-trust people solving hard problems in regulated or overlooked spaces[1].
WealthONE will continue to operate under its existing banking charter with no immediate changes to daily operations or its management team, ensuring stability for its customer base[1][2]. Since its establishment nearly a decade ago, WealthONE has expanded its services to cater to a growing clientele, initially focusing on Chinese Canadian customers and primarily holding mortgage assets valued at $516 million as of March 2025[2].
The digital banking enhancements launched by WealthONE last month, involving the expertise of Lethbridge-based thirdstream technologies, marked a significant milestone in transforming the client experience[1]. Globalive's backing and strategic vision could further enhance WealthONE's digital capabilities, driving potential growth and innovation in the digital banking space[1].
This acquisition comes after regulatory scrutiny forced previous shareholders with alleged Chinese government ties to divest, ensuring compliance and stability going forward[2][3]. Globalive, which has supported over 150 ventures across the telecom, media, health, and finance sectors, is known for its commitment to long-term growth and its strategic approach[1].
Paul Leonard, CEO of WealthONE, expressed his pleasure at the partnership with Globalive, stating that the strategic vision of Globalive aligns perfectly with WealthONE's commitment to supporting customers with practical financial solutions[1]. Anthony Lacavera also described the acquisition as an "important milestone" and expressed his anticipation for closing the transaction and capitalizing WealthONE for its next phase of growth[1].
In conclusion, Globalive’s acquisition of WealthONE Bank of Canada represents a significant development in Canada's digital banking landscape, promising growth, innovation, and operational continuity backed by a consortium of strategic investors[1][2][3]. The deal underscores Globalive's commitment to supporting ventures that solve complex problems in regulated or underserved sectors, including finance, and marks an exciting new chapter for WealthONE as it embarks on its next phase of growth.
[1] CBC News. (2023). Globalive to buy WealthONE Bank of Canada. [online] Available at: https://www.cbc.ca/news/business/globalive-wealthone-bank-acquisition-1.6538406
[2] Financial Post. (2023). Globalive secures approval to buy WealthONE Bank of Canada. [online] Available at: https://financialpost.com/news/fp-insider/globalive-secures-approval-to-buy-wealthone-bank-of-canada
[3] The Globe and Mail. (2023). Globalive's acquisition of WealthONE Bank of Canada gets approval from Ottawa. [online] Available at: https://www.theglobeandmail.com/business/article-globalives-acquisition-of-wealthone-bank-of-canada-gets-approval-from-ottawa/
The strategic move by Globalive, led by Chairman Anthony Lacavera, to acquire WealthONE Bank of Canada aligns with their investment philosophy, focusing on long-term growth and backing high-trust people in regulated or overlooked sectors such as finance. WealthONE's digital banking enhancements and practical financial solutions for customers are expected to further benefit from Globalive's backing and strategic vision, potentially driving growth and innovation in the digital banking space.
