The Canadian government approved the bid from Toronto-headquartered Globalive and a consortium of investors to acquire all issued and outstanding shares of Wealth One, the bank said Wednesday. Wealth One has a Schedule I license and roughly $516 million in total assets according to Canada’s banking regulator, and Globalive is an investment firm founded by Wind Mobile founder Anthony Lacavera. The deal’s terms were not disclosed. (The Logic)

Talking point: Lacavera had previously told The Canadian Press that he wanted to boost consumer choice in the banking sector with the acquisition, much like he did with telecom. Wednesday’s approval comes two years after Ottawa identified three Wealth One shareholders as at risk for coercion from the Chinese Communist Party. Wealth One has a large Chinese-Canadian customer base, and has “expanded its services to support a diverse clientele,” it said in a press release, adding that there will be no changes to its day-to-day operations.