Canadian Western Bank

Canadian Western Bank (CWB; French: Banque canadienne de l'Ouest), also operating as CWB Financial Group, is a Canadian bank and financial services company based in Edmonton, Alberta. The bank serves personal and commercial clients in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec

Canadian Western Bank
Public
Traded asTSX: CWB
ISINCA13677F1018 
IndustryFinancial Services
Predecessors
FoundedEdmonton, Alberta, 1988
HeadquartersCanadian Western Bank Place
10303 Jasper Avenue
Edmonton, Alberta, Canada
Key people
Chris Fowler, CEO
ProductsFinancial services
Revenue $579 million CAD (2015)[1]
$319 million CAD (2015)[1]
Total assets $22.838 billion CAD (2015)[1]
Total equity $1.911 billion CAD (2015)[1]
Number of employees
2,325 (2020)
Websitehttp://www.cwb.com

History[2]
CWB is headquartered at Canadian Western Bank Place in Edmonton

Canadian Western Bank was formed through the 1988 merger of the Bank of Alberta (founded 1984) and Western & Pacific Bank of Canada (founded 1982). It was led by Bank of Alberta co-founders Charles Alexander Allard and Eugene Pechet. Allard and Pechet had formed the Bank of Alberta when the pair grew impatient with the eastern banks’ lending routine at the time. Long banking cycles and a lack of knowledge about the unique challenges and opportunities in Western Canada stymied entrepreneurs, opening the door for Allard and Pechet’s made-in-Alberta financial institution.

Today

Today, CWB has expanded to become CWB Financial Group, which comprises 10 specialized banking, lending, wealth and trust companies[3] that focus on serving small- and medium-sized business owners as well as personal clients. They have a growing national presence found in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. Its loan book is almost equally represented across BC, Alberta and Ontario.[4] Diversification of CWB’s business lines has been a strategic priority. The bank will open its first branch in Mississauga, Ontario, a sign that CWB is poised to challenge for market share in Canada’s most populous province.

CWB is conservatively capitalized. It maintains a larger regulatory capital cushion, and ensures a strong balance sheet to guard against challenging economic times.

Timeline[5]
  • 1984 – Bank of Alberta Chartered as a Schedule 1 Bank
  • 1988 – CWB is born through the amalgamation of Bank of Alberta and Western & Pacific Bank of Canada
  • 1990 – Larry Pollock becomes CEO
  • 1996 – CWB acquires Aetna Trust, which is rebranded as Canadian Western Trust
  • 1999 – CWB becomes a mutual funds dealer under the umbrella of Canadian Western Financial
  • 2008 – CWB acquires majority ownership of Adroit Investment Management (Edmonton)
  • 2010 – CWB acquires National Leasing (Winnipeg)
  • 2013 – Chris Fowler appointed as CEO
  • CWB acquires majority ownership of McLean and Partners Wealth Management (Calgary)
  • CWB celebrates 100 consecutive profitable quarters
  • 2015 – CWB Wealth Management Ltd. is founded
  • 2016 – CWB acquires CWB Maxium Financial Services and Desante Financial Services, which is rebranded to CWB Maxium Financial
  • CWB acquires the loan portfolio and related assets of GE Capital’s Canadian Franchise Financing business, which is rebranded to CWB Franchise Finance

Membership

Canadian Western Bank is a member of the Canada Deposit Insurance Corporation (CDIC) and the Canadian Bankers Association (CBA). It also a member of the Cirrus, Interac, Mastercard, and The Exchange interbank networks.

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See also

References
  1. CWB: Annual Reports
  2. CWB Archives
  3. "CWB.com - Our Companies". www.cwb.com. March 31, 2020.
  4. "CWB Annual Report - 2019".
  5. CWB Archives


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