Financier donates record $50M for Queen's business school

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KINGSTON — Queen’s University has received a $50-million donation to the school of business, the largest gift to a business school in Canada.

Principal Daniel Woolf announced the naming of the Stephen J. R. Smith School of Business in recognition of the gift at Goodes Hall on campus this morning.

Stephen Smith, a Queen’s alumnus and leading financial services entrepreneur and philanthropist, made his donation to advance the leadership position of Queen’s and its school of business, according to a release.

“Queen’s is thrilled to receive this remarkable gift from such a distinguished alumnus and outstanding Canadian,” said Woolf. “This gift will help strengthen the university’s global reputation for excellence in business education and provide a legacy that will benefit students and faculty for generations to come.”

Smith, originally from Ottawa, graduated from Queen’s in 1972 with a bachelor of science in electrical engineering. He is the co-founder, chairman and chief executive officer of First National Financial Corporation, Canada’s largest non-bank lender of residential and commercial mortgages.

He is also chairman of Canada Guaranty Mortgage Insurance.

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