Canadian Western Bank (CWB; French: Banque canadienne de l'Ouest), also operating as CWB Financial Group, is a Canadian bank based in Edmonton, Alberta. The bank serves clients both in Western Canada and in other provinces.
The CWB Financial Group is made up of 10 banking, lending, wealth and trust companies.[2] Its loan book is almost equally represented across BC, Alberta and Ontario.[3] As part of its expansion plans, CWB has opened a branch in Mississauga, Ontario, just west of Toronto and a regional office in Downtown Toronto.
Canadian Western Bank was formed through the 1988 merger of two banks: the Bank of Alberta (founded 1984), and the Western & Pacific Bank of Canada (founded 1982). It was led by Bank of Alberta co-founders Charles Alexander Allard and Eugene Pechet.
In 1993, it acquired Western Canadian branches of Metropolitan Trust. In 1994, Canadian Western Bank and North West Trust Company merged into 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.
Acquisition historyedit
Western Canadian branches of Metropolitan Trust, 1993
Acquired BC Bancorp (chartered 1967), 1996
Aetna Trust Company, 1996 - renamed Canadian Western Trust Company 1996
Kelowna and Regina branches of Laurentian Bank, 2001
Canadian Direct Insurance Inc. (CDII), 2004
Valiant Trust Company, 2004
Branch of National Bank of Greece (Canada), 2005
National Leasing, 2010
Maxium Group, 2016
iA Investment Counsel Inc., 2020
Operationsedit
Canadian Western Bank Place in Downtown Edmonton, Alberta, houses the headquarters for the CWB Financial Group
Canadian Western Bank's operating affiliates include:[4]
Motive Financial (100% ownership) – high-interest savings accounts, GICs, and TFSAs. Before 2017, it was called Canadian Direct Financial.
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.
Motive Financial is the virtual banking division of Canadian Western Bank. As such, eligible deposits are held at Canadian Western Bank, a member of Canada Deposit Insurance Corporation (CDIC).[5] Motive Financial is an online bank.[5]
Motive serves customers in all provinces except Quebec. Accounts can be opened online. Deposits and withdrawals can be made using one of The Exchange ATM network’s 2400 ATMs.[6] Debit-card purchases can be made using the Interac network. Transfers to and from other banks may be done by electronic funds transfer (EFT), by Interac e-Transfer, or by writing cheques. Because motive offers no in-branch services, it offers higher interest rates than conventional banks.[7][8]
^ abcdef"Annual Report 2023". Investor Relations. Canadian Western Bank. Retrieved 10 December 2023.
^"Canadian Western Bank (CBWBF) Stock Price & News - Google Finance". www.cwb.com. March 31, 2020.
^"CWB Annual Report - 2019". from the original on 2022-01-21.
^"Canadian Western Bank 2010 Annual Report". Canadian Western Bank. Retrieved 2011-08-26.
^ ab"About us | Motive Financial". www.motivefinancial.com. Retrieved 2021-01-28.
^Bank, Canadian Western (2017-04-18). "Motive Financial: Bringing thrifty back". GlobeNewswire News Room (Press release). Retrieved 2021-01-28.
^"What is the Highest Paying GIC Rate in Canada?". Retrieved 2024-01-05.
^"Six reasons why a savings account is an awesome place for your money right now". Retrieved 2021-01-28.
^"High Interest Saving Accounts in Canada". hardbacon.ca. 24 November 2020. Retrieved 2021-06-22.
External linksedit
Official website
Motive Financial
May 03, 2024
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This article relies excessively on references to primary sources Please improve this article by adding secondary or tertiary sources Find sources Canadian Western Bank news newspapers books scholar JSTOR April 2020 Learn how and when to remove this message Canadian Western Bank CWB French Banque canadienne de l Ouest also operating as CWB Financial Group is a Canadian bank based in Edmonton Alberta The bank serves clients both in Western Canada and in other provinces Canadian Western BankCompany typePublicTraded asTSX CWBIndustryBankingPredecessorsBank of Alberta Western amp Pacific BankFounded1988 36 years ago 1988 Edmonton AlbertaHeadquartersCanadian Western Bank Place10303 Jasper AvenueEdmonton Alberta CanadaKey peopleChris Fowler CEOProductsFinancial servicesRevenueCA 1 11 billion 2023 1 Net incomeCA 351 million 2023 1 AUMCA 7 9 billion 2023 1 Total assetsCA 42 3 billion 2023 1 Total equityCA 4 0 billion 2023 1 Number of employees2 505 FTE 2023 1 Websitehttps www cwb com The CWB Financial Group is made up of 10 banking lending wealth and trust companies 2 Its loan book is almost equally represented across BC Alberta and Ontario 3 As part of its expansion plans CWB has opened a branch in Mississauga Ontario just west of Toronto and a regional office in Downtown Toronto Contents 1 History 1 1 Acquisition history 2 Operations 2 1 Motive Financial 3 Membership 4 See also 5 References 6 External linksHistory editCanadian Western Bank was formed through the 1988 merger of two banks the Bank of Alberta founded 1984 and the Western amp Pacific Bank of Canada founded 1982 It was led by Bank of Alberta co founders Charles Alexander Allard and Eugene Pechet In 1993 it acquired Western Canadian branches of Metropolitan Trust In 1994 Canadian Western Bank and North West Trust Company merged into 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 Acquisition history edit Western Canadian branches of Metropolitan Trust 1993 Acquired BC Bancorp chartered 1967 1996 Aetna Trust Company 1996 renamed Canadian Western Trust Company 1996 Kelowna and Regina branches of Laurentian Bank 2001 Canadian Direct Insurance Inc CDII 2004 Valiant Trust Company 2004 Branch of National Bank of Greece Canada 2005 National Leasing 2010 Maxium Group 2016 iA Investment Counsel Inc 2020Operations edit nbsp Canadian Western Bank Place in Downtown Edmonton Alberta houses the headquarters for the CWB Financial Group Canadian Western Bank s operating affiliates include 4 Motive Financial 100 ownership high interest savings accounts GICs and TFSAs Before 2017 it was called Canadian Direct Financial 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 CWB Wealth Management previously Adroit Investment Management Ltd 76 5 ownership investment and wealth management Motive Financial edit Motive Financial is the virtual banking division of Canadian Western Bank As such eligible deposits are held at Canadian Western Bank a member of Canada Deposit Insurance Corporation CDIC 5 Motive Financial is an online bank 5 Motive serves customers in all provinces except Quebec Accounts can be opened online Deposits and withdrawals can be made using one of The Exchange ATM network s 2400 ATMs 6 Debit card purchases can be made using the Interac network Transfers to and from other banks may be done by electronic funds transfer EFT by Interac e Transfer or by writing cheques Because motive offers no in branch services it offers higher interest rates than conventional banks 7 8 Membership editCanadian Western Bank is a member of the Canada Deposit Insurance Corporation CDIC It also belongs to the Cirrus Interac Mastercard and The Exchange interbank networks 9 See also edit nbsp Banks portal List of banks and credit unions in Canada Canadian Western Bank v AlbertaReferences edit a b c d e f Annual Report 2023 Investor Relations Canadian Western Bank Retrieved 10 December 2023 Canadian Western Bank CBWBF Stock Price amp News Google Finance www cwb com March 31 2020 CWB Annual Report 2019 Archived from the original on 2022 01 21 Canadian Western Bank 2010 Annual Report Canadian Western Bank Retrieved 2011 08 26 a b About us Motive Financial www motivefinancial com Retrieved 2021 01 28 Bank Canadian Western 2017 04 18 Motive Financial Bringing thrifty back GlobeNewswire News Room Press release Retrieved 2021 01 28 What is the Highest Paying GIC Rate in Canada Retrieved 2024 01 05 Six reasons why a savings account is an awesome place for your money right now Retrieved 2021 01 28 High Interest Saving Accounts in Canada hardbacon ca 24 November 2020 Retrieved 2021 06 22 External links editOfficial website Motive Financial Retrieved from https en wikipedia org w index php title Canadian Western Bank amp oldid 1216776893, wikipedia, wiki, book, books, library,
