Stephen Smith, Centerbridge acquire Walmart Canada Bank

Stephen Smith and U.S. private equity firm Centerbridge Partners have acquired Walmart Canada Bank from discount retailer Walmart Canada Corp. No financial terms were disclosed. Concurrent with the deal's closing, the bank, which will be renamed Duo Bank, agreed to continue to provide new and existing financial services products through Walmart Canada. CEO Trudy Fahie said the bank will work with Smith and Centrebridge to execute on its long-term growth strategy. Smith is chairman and CEO of Canada's First National Financial Corp. He is also one of the backers of Peloton Capital Management, a Canadian private equity firm launched last year.

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