Bank West, the first bank to be incorporated under Canada’s Bank Act since new bank ownership rules came into force in October 2001, obtained its letters patent on November 27, 2002. Bank West is also the first Canadian bank to have commercial ownership. Minister of Finance, John Manley, delivered the letters patent to Scott Tannas, chair of the Board of Bank West and president and CEO of the bank’s parent, Western Financial Group. Western Financial is a public company. On December 2, 2002, Bank West was admitted as a member of the Canada Deposit Insurance Corporation. The bank was established to provide banking services to small and mid-sized communities in Western Canada through a network of brokerages.
Bank West is in the process of applying to the Superintendent of Financial Institutions for an order to commence and carry on business. Upon receipt of this order, Bank West will commence operations.
Alfred Apps (emerging global business) and Robert McDowell, Robert Elliott, Stephen Kerr and Karen Hauser (financial services) of Fasken Martineau DuMoulin LLP in Toronto acted for Western Financial and Bank West. Canada Deposit Insurance was represented by in-house counsel Kevin Butler.