Canadian Western Bank
Encyclopedia
The Canadian Western Bank is a bank
that is based in Edmonton, and which operates primarily in western Canada
. The bank serves personal and commercial clients in Western Canada.
.
The bank further grew in 1988 by amalgamation of the Western & Pacific Bank of Canada (chartered in 1982) and the Bank of Alberta
(chartered in 1984).
In 1993, it acquired Western Canadian branches of Metropolitan Trust.
In 1994, Canadian Western Bank and North West Trust Company amalgamated as Canadian Western Bank. In 1996, it acquired BC Bancorp (chartered in 1967), and purchased the Aetna Trust Company, which was renamed Canadian Western Trust Company. In 2001, it acquired the Kelowna and Regina branches of the Laurentian Bank of Canada
.
Canadian Western Bank’s operating affiliates include:
(CBA) and registered member with the Canada Deposit Insurance Corporation
(CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:
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:...
that is based in Edmonton, and which operates primarily in western 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...
. The bank serves personal and commercial clients in Western Canada.
History
The bank first became a Schedule I chartered bank on March 22, 1984 under its original name, the Bank of AlbertaBank of Alberta
The Bank of Alberta was a bank based in Edmonton, Alberta, Canada. It was chartered in 1984.The Bank later became part of Canadian Western Bank , and was formed during a challenging economic environment that pushed many competitors to reign in their activities in key western markets...
.
The bank further grew in 1988 by amalgamation of the Western & Pacific Bank of Canada (chartered in 1982) and the Bank of Alberta
Bank of Alberta
The Bank of Alberta was a bank based in Edmonton, Alberta, Canada. It was chartered in 1984.The Bank later became part of Canadian Western Bank , and was formed during a challenging economic environment that pushed many competitors to reign in their activities in key western markets...
(chartered in 1984).
In 1993, it acquired Western Canadian branches of Metropolitan Trust.
In 1994, Canadian Western Bank and North West Trust Company amalgamated as Canadian Western Bank. In 1996, it acquired BC Bancorp (chartered in 1967), and purchased the Aetna Trust Company, which was renamed Canadian Western Trust Company. In 2001, it acquired the Kelowna and Regina branches of the Laurentian Bank of Canada
Laurentian Bank of Canada
The Laurentian Bank of Canada is a Schedule I bank in the province of Quebec. . LBC's Institution Number is 039.-History:...
.
Mergers
Other financial services acquired by CWB:- Bank of AlbertaBank of AlbertaThe Bank of Alberta was a bank based in Edmonton, Alberta, Canada. It was chartered in 1984.The Bank later became part of Canadian Western Bank , and was formed during a challenging economic environment that pushed many competitors to reign in their activities in key western markets...
(chartered 1984) - Western Canadian Branches of Metropolitan Trust 1983
- Acquired BC Bancorp (chartered 1967) 1996
- Aetna Trust Company 1996 - renamed Canadian Western Trust Company 1996
- Canadian Western Capital Ltd (formerly Majendie Charlton Securities Ltd.) 1997 - sold to Goepel McDermid Inc 2000
- Kelowna and Regina branches of Laurentian Bank 2001
- Canadian Direct Insurance Inc. (CDII) 2004
- Valiant Trust Company 2004
- Acquired branch of National Bank of Greece (Canada) 2005
Operations and corporate structure
Canadian Western Bank’s corporate headquarters are located at Canadian Western Bank Place, 10303 Jasper Avenue in Edmonton, Alberta, Canada.Canadian Western Bank’s operating affiliates include:
- Canadian Direct Insurance Inc. (100% ownership) – insurance products and services.
- Canadian Western Financial Ltd. (100% ownership) – mutual fund dealer.
- Canadian Western Trust Company (100% ownership) – personal and corporate trust services. Optimum Mortgage is a division of Canadian Western Trust Company and offers residential mortgages via a network of mortgage brokers.
- National Leasing Group Inc. (100% ownership) – commercial equipment leasing.
- Valiant Trust Company (100% ownership) – specialty trust services including stock transfer, corporate trust, escrow and employee plan services.
- Adroit Investment Management Ltd (76.5% ownership) – investment and wealth management.
Services
Services provided by CWB:- Mortgages
- Loans
- Personal accounts
- Investment products
- Business accounts
- (Small) business lending
- Insurance
- Credit Card (MasterCard)
Membership
CWB is a member of the Canadian Bankers AssociationCanadian Bankers Association
The Canadian Bankers Association is a financial lobbying group that works on behalf of 52 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 267,000 employees. The CBA was organized in Montreal in 1891, making it one of Canada’s oldest interest...
(CBA) and registered member with the Canada Deposit Insurance Corporation
Canada Deposit Insurance Corporation
-External links:*** Official CDIC site*...
(CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:
- InteracInteracInterac Association is a Canadian organization linking enterprises that have proprietary networks so that they may communicate with each other for the purpose of exchanging electronic financial transactions. The Association was founded in 1984 as a cooperative venture between five financial...
- MasterCardMasterCardMastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
International - Cirrus Network
- The Exchange (Canada)
See also
- List of Canadian banks
- Canadian Western Bank v. AlbertaCanadian Western Bank v. AlbertaCanada Western Bank v. Alberta [2007] 2 S.C.R. 3 is a landmark decision in Canadian constitutional law by the Supreme Court of Canada relating to the division of powers between Federal and Provincial legislative bodies.-Background:...