Overview
- Questrade received final regulatory clearance from OSFI to establish Questbank as a domestically chartered Schedule I institution.
- The company says no offerings will launch immediately, with its first banking products to be outlined in early 2026.
- CEO Edward Kholodenko says bank status is intended to build trust and make switching from Canada’s Big Six banks more appealing.
- Questrade reports over $85 billion in assets under administration across its brokerage, robo-advisory, wealth, and consumer lending units.
- The move aligns with a broader shift in Canada’s market, as Wealthsimple expands via partner banks, Koho seeks a licence, and Santander recently secured approval.