CALGARY, Alberta, Dec. 04, 2017 (GLOBE NEWSWIRE) -- Olympia Financial Group Inc. (TSX:OLY), through its wholly-owned subsidiary Olympia Trust Company (“Olympia”), has provided trust services to Ontario residents for almost 20 years and currently administers thousands of registered plan accounts for the benefit of Ontario residents.
Olympia is not a licensed trust corporation in the Province of Ontario, but is allowed to provide its trust services to Ontario residents provided that the delivery of those services is done in a province in which Olympia is licensed. Olympia is currently licensed as a trust corporation in all Canadian provinces except Ontario. Because Olympia is not a licensed trust corporation in Ontario, Olympia does not have any offices, employees or other operations in Ontario and is unable to attend tradeshows, send out marketing materials, or otherwise actively solicit clients in Ontario. Olympia’s Ontario clients are usually referred to Olympia via word of mouth because of the outstanding service that Olympia provides and its ability to offer services not offered by traditional financial institutions.
Under the Canadian constitution, it is beyond the power of the Ontario provincial government to prohibit Ontario residents from using Olympia’s trust services. Accordingly, Ontario residents may continue to use existing accounts with Olympia without restriction and are not prohibited from opening new accounts with Olympia, provided that they contact Olympia in a province where Olympia is licensed as a trust corporation.
Please note that Olympia does not provide financial advice of any sort to any of its clients and all Olympia clients are advised to seek independent financial advice with respect to any investment decision that they may be considering.
About Olympia Financial Group Inc.
Olympia Financial Group Inc. (“OFGI”) conducts most of its operations through its wholly-owned subsidiary Olympia Trust Company, a non-deposit taking trust company. Olympia Trust Company is licensed to conduct trust activities in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick and Nova Scotia. Olympia Trust Company administers self-directed registered accounts and offers foreign currency exchange services. OFGI also offers private health services plans through its wholly-owned subsidiary Olympia Benefits Inc., operates an ATM business through its wholly-owned subsidiary Olympia ATM Inc. and provides information technology services to the exempt market dealers, registrants and issuers through its subsidiary Exempt Edge Inc.
OFGI’s common shares are listed on the Toronto Stock Exchange under the symbol “OLY”.
For further information, please contact:
Olympia Financial Group Inc.
Rick Skauge, President and Chief Executive Officer
Gerhard Barnard, Vice-President, Finance and Chief Financial Officer
Phone: (403) 261-0900
Fax: (403) 265-1455