Banque canadienne nationale
Encyclopedia
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| Montreal Montreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America... , Quebec Quebec Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level.... , Canada Canada Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean... |
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| National Bank of Canada National Bank of Canada is the 6th largest bank and 8th largest financial institution in Canada. The bank's headquarters are in Montreal, Quebec.... |
The Banque canadienne nationale was a Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
-based bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
.
In 1859, several prominent Quebecers founded the Banque Nationale in Quebec City
Quebec City
Quebec , also Québec, Quebec City or Québec City is the capital of the Canadian province of Quebec and is located within the Capitale-Nationale region. It is the second most populous city in Quebec after Montreal, which is about to the southwest...
as a banking institution controlled by French
Canadian French
Canadian French is an umbrella term referring to the varieties of French spoken in Canada. French is the mother tongue of nearly seven million Canadians, a figure constituting roughly 22% of the national population. At the federal level it has co-official status alongside English...
-speaking businessmen and dedicated to promoting their interests.
In 1924, the Banque Nationale, which was caught up in a serious recession, merged with the Banque d’Hochelaga (founded in Montreal
Montreal
Montreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America...
in 1874) to create the Banque canadienne nationale (BCN, Canadian National Bank). Like the other Canadian chartered banks, it issued its own paper money. The Bank of Canada
Bank of Canada
The Bank of Canada is Canada's central bank and "lender of last resort". The Bank was created by an Act of Parliament on July 3, 1934 as a privately owned corporation. In 1938, the Bank became a Crown corporation belonging to the Government of Canada...
was established through the Bank of Canada Act of 1934 and the banks relinquished their right to issue their own currency.
In 1968, Banque canadienne nationale was one of the four original banks to form CHARGEX Ltd. through a licence from BankAmericard, providing Canada with its first interbank credit card.
In 1979, the National Bank of Canada
National Bank of Canada
National Bank of Canada is the 6th largest bank and 8th largest financial institution in Canada. The bank's headquarters are in Montreal, Quebec....
was formed as a result of the amalgamation of Banque canadienne nationale and the Provincial Bank of Canada
Provincial Bank of Canada
The Provincial Bank of Canada was a Quebec-based bank in Canada that was the product of mergers between the Banque Jacques-Cartier , the Banque d'économie de Québec , the Banque populaire de Québec , and the Unity Bank of Canada .It merged with the Banque Canadienne Nationale to form the National...
(Banque provinciale du Canada), another Quebec-based bank.