Banque Canadienne Nationale

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Banque Canadienne Nationale
Location: Montreal, Quebec, Canada
First President:
Existed: 1859-1979
Merged into modern-day National Bank of Canada

The Banque canadienne nationale was a Quebec-based bank in Canada.

In 1859, several prominent Quebecers founded the Banque Nationale in Quebec City as a banking institution controlled by French-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 in 1874) to create the Banque Canadienne Nationale (BCN, Canadian National Bank).[1] Like the other Canadian chartered banks, BCN issued its own paper currency until the Bank of Canada Act of 1934 created the Bank of Canada and it relinquished this right.

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, Banque Canadienne Nationale and the Provincial Bank of Canada (Banque provinciale du Canada), another Quebec-based bank, joined to form the National Bank of Canada.[1]

See also[edit]

References[edit]

  1. ^ a b Sawyer, Deborah C. (20 October 2014). National Bank of Canada. The Canadian Encyclopedia. Retrieved 2017-02-14. ...Banque Canadienne Nationale (founded in 1859 as the Banque National; merged 1924 with Banque d'Hochelaga and new name adopted 1925) and The Provincial Bank of Canada (founded in 1861)