Pacific & Western Credit Corp. received approval on July 30, 2002 to establish a new chartered bank in Canada, Pacific & Western Bank of Canada. This is the first approval granted since the rules under the Bank Act were revised in October 2001 to facilitate new bank entrants.

Led by Barbara Hale, vice-president and general counsel, Pacific & Western, Torys LLP represented Pacific & Western through the regulatory process with a team that included Blair Keefe and Marni Halter, assisted by Kevin Morris.