Canadian Western Bank
|Founded||Edmonton, Alberta, 1988|
|Headquarters||Edmonton, Alberta, Canada|
|Key people||Chris Fowler, CEO|
|Revenue||$572 million CAD (2013)|
|Net income||$187 million CAD (2013)|
|Total assets||$18.5 billion CAD (2013|
|Employees||2,037 (Full-time equivalent, 2013)|
The Canadian Western Bank (French: Banque canadienne de l'Ouest) 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 first became a Schedule I chartered bank on March 22, 1984 under its original name, the Bank of Alberta.
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.
Other financial services acquired by CWB:
- Bank of Alberta (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
- Acquired National Leasing in 2010
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 Financial (100% ownership) – high-interest savings accounts and GICs, including TFSAs.
- 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 provided by CWB:
- Personal accounts
- Investment products
- Business accounts
- (Small) business lending
- Credit Card (MasterCard)
CWB is a member of the Canadian Bankers Association (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:
- Canadian Western Bank Group
- Canadian Western Bank
- Canadian Western Trust
- Valiant Trust
- Canadian Direct Insurance
- National Leasing
- Adroit Investment Management
- "Canadian Western Bank - History". Canadian Western Bank. Retrieved 2010-01-24.
- "Canadian Western Bank 2010 Annual Report". Canadian Western Bank. Retrieved 2011-08-26.