Canadian Western Bank Overview and Recent Developments

Canadian Western Bank has a rich history dating back to 1861, when it was founded as the Bank of British Columbia. This makes it one of the oldest banks in Canada.

The bank's early success was largely due to its focus on serving the needs of the agricultural community in the province of British Columbia. It was a pioneer in providing banking services to rural areas.

Canadian Western Bank has undergone significant changes over the years, including a major expansion in the 1990s that saw it acquire several other banks. This expansion helped the bank to increase its market share and improve its services to customers.

Today, Canadian Western Bank is a leading provider of financial services in Western Canada, with a strong presence in the provinces of British Columbia and Alberta.

Canadian Western Bank has a rich history that spans over three decades. It was formed in 1988 through the merger of two banks: the Bank of Alberta (founded in 1984) and the Western & Pacific Bank of Canada (founded in 1982).

The bank was led by Bank of Alberta co-founders Charles Alexander Allard and Eugene Pechet, who played a crucial role in shaping the bank's early years. The bank's early success was marked by several strategic acquisitions that helped expand its reach and services.

Here are some key acquisitions that played a significant role in the bank's history:

These acquisitions helped the bank expand its services and reach a wider customer base, solidifying its position in the Canadian banking industry.

Canadian Western Bank operates through a network of subsidiaries and affiliates, each specializing in specific financial services.

Motive Financial, a 100% owned affiliate, offers high-interest savings accounts, GICs, and TFSAs. Before 2017, it was known as Canadian Direct Financial.

Canadian Western Financial Ltd., also 100% owned, acts as a mutual fund dealer.

Canadian Western Trust Company, another 100% owned affiliate, provides personal and corporate trust services, including residential mortgages through Optimum Mortgage.

National Leasing Group Inc., a 100% owned affiliate, specializes in commercial equipment leasing.

Valiant Trust Company, a 100% owned affiliate, offers specialty trust services such as stock transfer, corporate trust, escrow, and employee plan services.

CWB Wealth Management, previously Adroit Investment Management Ltd (76.5% owned), provides investment and wealth management services.

The National Bank Deal was a significant acquisition that took place in 2025. National Bank purchased Canadian Western Bank's shares, integrating CWB's operations into its own structure, making it an acquisition.

National Bank is one of Canada's Big Six banks, with over $462 billion in total assets as of October 2024. This deal was valued at over $5.0 billion, with CWB's common shares being delisted on the Toronto Stock Exchange (TSX) by the end of the business day on February 4, 2025.

CWB, while not part of the Big Six, has branches in British Columbia and Ontario and mainly serves personal and small-to-medium business clients. As of the fourth quarter of 2024, CWB reported total assets of $43.13 billion.

The deal was finalized on February 3, 2025, and the transition of CWB's operations, products, and employees was slated to begin in the coming months.

Canadian Western Bank has delayed its earnings release due to a legal claim against one of its subsidiaries, CWB Maxium Financial Ltd. This claim is seeking $18 million in damages, as well as general and punitive damages, and costs.

The delay is unrelated to National Bank of Canada's plan to acquire CWB in a roughly $5-billion takeover. The outcome of the claim is not expected to have a material effect on CWB's consolidated financial statements.

CWB says the claimant is seeking damages related to the provision of certain loans to corporations affiliated with the claimant and the resolution of the loans. This issue triggered the decision to reschedule the release to mid-December.

Canadian Western Bank, also known as CWB, is a Canadian bank that offers a range of financial services to individuals and businesses.

The bank was founded in 1865 in Manitoba, Canada, making it one of the oldest banks in the country.

CWB has a strong presence in Western Canada, with over 40 branches across the region.

Its head office is located in Edmonton, Alberta, where the bank's leadership team is based.

CWB offers a variety of financial products and services, including personal and commercial banking, wealth management, and insurance.