Questrade Financial Group, known to Canadians as an online trading platform, says it has been approved to launch a new bank in Canada.

The company said it's received approval to open Questbank by the Office of the Superintendent of Financial Institutions (OSFI), the federal regulator for financial institutions.

The approval was years in the making, according to Questrade CEO and president Edward Kholodenko. The company first applied for the bank licence in 2019.

"This is a monumental step in furthering our mission to help Canadians become much more financially successful and secure. Following the successful path forged over Questrade’s 26-year history, we are thrilled to expand our offering to introduce much needed competition to the Canadian banking landscape," Kholodenko said in a s

See Full Page