National Westminster Bank of Canada
National Westminster Bank of Canada, commonly known as NatWest Canada, was a wholly owned subsidiary of National Westminster Bank, a global integrated financial service group based in the United Kingdom, which operated from 1982 to 1998.
| Type | Subsidiary undertaking |
|---|---|
| Industry | Financial services |
| Successor | Hongkong Bank of Canada |
| Founded | 1982 |
| Defunct | 1998 |
| Headquarters | Toronto, Ontario , Canada |
| Parent | National Westminster Bank Plc |
History
The Canadian operation provided domestic and international banking services through its branches in Montreal, Toronto, Calgary and Vancouver. It was chartered in 1982 and acquired by Hongkong Bank of Canada, a subsidiary of HSBC Holdings, pursuant to statutory amalgamation agreements in 1998.[1] At the time, net assets were CAN$107m.[2] The following year, HBC became HSBC Bank Canada, consistent with their strategy of creating a global brand.
Earlier operations
Lombank Canada Limited was formed as a subsidiary of London-based Lombard Banking Limited in 1955. Lombard Banking was acquired by National Westminster Bank in 1970 and merged with North Central Finance in 1971, to form Lombard North Central. In 1975, Lombank Canada became Lombard NatWest Canada Ltd. and the following year the share capital passed from Lombard North Central to National Westminster Bank and it was renamed NatWest Canada Limited. NatWest Canada carried on business in the corporate sector until 1982, dealing largely with multinational and large Canadian companies.[3]
References
- Hong Kong Bank takes over rival CBC News, 2 February 1998
- Report and Accounts (p. 8), National Westminster Bank Plc, 1997
- Report and Accounts (p. 40), National Westminster Bank Limited, 1975