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Andrew Moor, the personable chief executive of Equitable Bank, died unexpectedly over the weekend, according to the company. He was 65.
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“Our thoughts and sympathies are with the entire Moor family at this difficult time,” the company said in a statement.
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“Andrew was a visionary leader, and the world of banking in Canada is a better place because of his efforts. Whether Canadians knew of him or were EQ Bank or Equitable Bank customers or not, they benefitted from his relentless belief that Canadians deserve more. He will be deeply missed.”
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Equitable said an interim CEO will be announced later this morning.
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“Andrew and the Board of Directors had been working closely together on succession planning for the past few years,” the statement said. “This process was very advanced at the time of his passing, and the board expects to be able to announce his permanent successor in the very near term.”
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A veteran of investment bank Wood Gundy and the private equity arm of Canadian Imperial Bank of Commerce, Moor has been CEO of Equitable since March 2007.
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He helped transform it from a trust company with $3 billion in assets to a digital bank with more than $100 billion of assets under administration.
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He also helped Equitable launch a reverse mortgage business and become a major participant in the Canada mortgage bond program. Under his leadership, the bank also entered the equipment lending business through the acquisition of Bennington Financial, and acquired Concentra Bank.
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He was positioning Equitable Bank as “Canada’s Challenger Bank” and was a proponent of open banking to broaden choices in financial services.
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Andrew joined Wood Gundy Inc. in 1987 and was a managing director in the private equity division of CIBC.
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Prior to joining Equitable, Moor was CEO of Invis Inc. Backed by private equity investors, he helped build it into Canada’s largest residential mortgage brokerage, which was acquired by HSBC in 2005.
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