EDMONTON, AB, Oct. 19, 2023 /CNW/ - CWB Financial Group (TSX: CWB) (CWB) today announced that it will move its national headquarters to Manulife Place in downtown Edmonton. Renovations will take place in the award-winning tower at 10180 101 St NW and will include naming rights and crown signage for CWB.

CWB selected the former Manulife Place for its national headquarters after ICE District Properties decided not to proceed at this time with their plans for a new 16-storey commercial building adjacent to Edmonton's ICE District Plaza, which included 12 storeys for CWB's new corporate headquarters. ICE District Properties' decision reflects the challenging macroeconomic landscape, which includes higher vacancy rates in downtown locations, compounded by the impacts of rising interest rates and construction cost inflation.

"Moving to Manulife Place maintains Edmonton as our home and the prominent role that CWB has within the city's downtown business community," said Chris Fowler, President and Chief Executive Officer, CWB Financial Group. "It's a building that will bear the CWB name and signage, and it represents an economically positive decision. Our employees will continue to benefit from nearby amenities, while enjoying building modernizations that reflect the future of work and enhance our outstanding culture. I look forward to CWB's continued contributions to attract more businesses to Edmonton's downtown."

Tim Shipton, Executive Vice President, ICE District Properties, added, "ICE District Properties and CWB remain strong financial partners, mutually committed to the City of Edmonton. We are grateful to CWB for its understanding, and we remain committed to building upon the foundation that ICE District has created in our downtown. We will have more to share in the near future."

In Manulife Place, CWB employees will benefit from a refreshed space that will include upgrades to the retail environment and tenant amenities. CWB's 103rd Street Banking Centre will also move into the building. Occupancy is scheduled to occur toward the end of 2025.

CWB Financial Group (TSX: CWB) is the only full-service bank in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. We provide our nation-wide clients with full-service business and personal banking, specialized financing, comprehensive wealth management offerings, and trust services. Clients choose CWB for a differentiated level of service through specialized expertise, customized solutions, and faster response times relative to the competition. Our people take the time to understand our clients and their business, and work as a united team to provide holistic solutions and advice.

SOURCE CWB Financial Group

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