Equitable Group announces planned changes to Board of Directors

TORONTO, April 17, 2014 /CNW/ - Equitable Group Inc. (TSX: EQB and EQB.PR.A) today mailed its 2013 Annual Report and Management Information Circular meeting materials outlining among other items, the Company's  succession plan within its Board of Directors. The Company will see the nomination of two new Directors and the retirement of three Directors who will not stand for re-election at the Annual Meeting of Shareholders on May 14, 2014. Following these changes, the Board will be comprised of 10 Directors, nine of whom are independent of management. 

For more information on these proposed changes, please refer to the Management Information Circular to shareholders or visit Investor Relations at: http://phx.corporate-ir.net/phoenix.zhtml?c=177447&p=irol-reportsAnnual.

ABOUT EQUITABLE GROUP INC.

Equitable Group Inc. is a growing Canadian financial services business that serves the market through its wholly-owned subsidiary, Equitable Bank.  Equitable Bank is a federally regulated Schedule I Bank with total assets of approximately $12 billion, with more than 300 employees and proven capabilities in lending and deposit-taking.  The Company's integrated operations are organized according to specialty.  Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis.  Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing Corporation administered National Housing Act.  Equitable Bank provides savings products including Guaranteed Investment Certificates and savings accounts.  For more information, visit the Company's website at www.equitablegroupinc.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Statements made by the Company in this news release include forward-looking statements within the meaning of applicable securities laws ("forward-looking statements").  These statements include, but are not limited to, statements about the Company's objectives, strategies and initiatives, financial result expectations and other statements made herein.  Although the Company believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  Accordingly, readers should not place undue reliance on forward-looking statements.  The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Please see the Company's 2013 MD&A found at www.equitablebank.ca or at www.sedar.com for additional information.

SOURCE: Equitable Group Inc.

Andrew Moor, President and Chief Executive Officer, 416-515-7000; Tim Wilson, Vice President and Chief Financial Officer, 416-515-7000