Bank of British Columbia
Encyclopedia
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| British Columbia British Columbia is the westernmost of Canada's provinces and is known for its natural beauty, as reflected in its Latin motto, Splendor sine occasu . Its name was chosen by Queen Victoria in 1858... , Canada Canada Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean... |
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| HSBC Bank Canada HSBC Bank Canada, formerly the Hongkong Bank of Canada , is a bank in Canada that is part of British banking giant HSBC - one of the largest banking groups in the world. HSBC Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island, and is the... |
There have been two Canadian
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s with the name Bank of British Columbia.
The first bank
The first was established by Royal CharterRoyal Charter
A royal charter is a formal document issued by a monarch as letters patent, granting a right or power to an individual or a body corporate. They were, and are still, used to establish significant organizations such as cities or universities. Charters should be distinguished from warrants and...
in 1862, with its head office in London. Between 1862 and 1871 it issued dollar banknotes. By 1885 it had branches in San Francisco, Portland, Oregon
Portland, Oregon
Portland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...
(est. 1866), Victoria, British Columbia
Victoria, British Columbia
Victoria is the capital city of British Columbia, Canada and is located on the southern tip of Vancouver Island off Canada's Pacific coast. The city has a population of about 78,000 within the metropolitan area of Greater Victoria, which has a population of 360,063, the 15th most populous Canadian...
(est. 1862) and New Westminster (est. 1862). In 1889 it established a branch in Seattle. In 1901 it merged with the Canadian Bank of Commerce
Canadian Bank of Commerce
The Canadian Bank of Commerce was a Canadian bank cofounded in 1867 by William McMaster. The Canadian Bank of Commerce opened in Toronto with a charter in 1866 that it purchased from the defunct Bank of Canada, which folded in 1858....
. At the time of the merger it had branches at Vancouver (est. 1886), Victoria, Kamloops, Nanaimo, Nelson
Nelson, British Columbia
Nelson is a city located in the Selkirk Mountains on the extreme West Arm of Kootenay Lake in the Southern Interior of British Columbia, Canada. Known as "The Queen City", and acknowledged for its impressive collection of restored heritage buildings from its glory days in a regional silver rush,...
, New Westminster, Rossland
Rossland
Rossland can refer to:*Rossland, British Columbia, Canada** Rossland City, provincial electoral district around Rossland, British Columbia ** Rossland, provincial electoral district around Rossland, British Columbia ....
, Sandon
Sandon, British Columbia
Sandon is a ghost town in British Columbia, Canada. It is also the birthplace of hockey Hall of Fame member Cecil "Tiny" Thompson.-Location:Sandon is located in the Selkirk Mountains, about ten kilometers east of the town of New Denver.-History:...
, San Francisco, Portland, and London.
Banknotes
There is $48,797.00 in outstanding bank notes from the bank of British Columbia. The bills are in $1,$5,$10,$20 and $50 dollar denominations. The bills were issued from 1863 to 1894. The bills bring anywhere from $500 to $1500 for each bill on the collectors market.Architecture
The Bank of British Columbia in Victoria, British ColumbiaVictoria, British Columbia
Victoria is the capital city of British Columbia, Canada and is located on the southern tip of Vancouver Island off Canada's Pacific coast. The city has a population of about 78,000 within the metropolitan area of Greater Victoria, which has a population of 360,063, the 15th most populous Canadian...
built in 1885 is on the Registry of Historical Places of Canada.
The Bank of British Columbia in Vancouver, British Columbia built in 1889 to 1891 is on the Registry of Historical Places of Canada.
The second bank
The second bank was chartered in 1966 with headquarters in Vancouver and was the creation of W.A.C. BennettW.A.C. Bennett
William Andrew Cecil Bennett, PC, OC was the 25th Premier of the Canadian province of British Columbia. With just over 20 years in office, Bennett was and remains the longest-serving premier in British Columbia history. He was usually referred to as W.A.C...
, the Premier
Premier
Premier is a title for the head of government in some countries and states.-Examples by country:In many nations, "premier" is used interchangeably with "prime minister"...
of the Province of British Columbia
British Columbia
British Columbia is the westernmost of Canada's provinces and is known for its natural beauty, as reflected in its Latin motto, Splendor sine occasu . Its name was chosen by Queen Victoria in 1858...
. Mr. Bennett, a businessman, wanted to end Central Canada
Central Canada
Central Canada is a region consisting of Canada's two largest and most populous provinces: Ontario and Quebec. Due to their high populations, Ontario and Quebec have traditionally held a significant amount of political power in Canada, leading to some amount of resentment from other regions of the...
's absolute control over the banking industry
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
which obliged all but the smaller loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
s for companies in British Columbia to receive authorization from Head Office
Head Office
Head Office is a 1985 American comedy film, produced by HBO Pictures in association with Silver Screen Partners. It stars Judge Reinhold, Eddie Albert, Lori-Nan Engler, Jane Seymour, Richard Masur, Michael O'Donoghue, Ron Frazier, Merritt Butrick and was directed and written by Ken...
s in either Montreal
Montreal
Montreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America...
or Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
.
In 1986, the bank had 1410 employees. 41 branches in BC and Alberta
Alberta
Alberta is a province of Canada. It had an estimated population of 3.7 million in 2010 making it the most populous of Canada's three prairie provinces...
, and offices in the Cayman Islands, the US and Hong Kong. Assets in 1986 were CAD
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
$2.7 billion, which put the bank 27th among banks and financial institutions in Canada. Revenue in 1986 was $324 million.
Following financial difficulties arising from poor management
Management
Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively...
, most notably by the flamboyant Edgar F. Kaiser, Jr.
Edgar Kaiser
Edgar Fosburgh Kaiser, Jr is a Canadian financier and a former owner of the Denver Broncos American football team. He was born in Portland, Oregon on 5 July 1942 and is the grandson of shipbuilding industrialist Henry J. Kaiser. He earned a BA degree from Stanford University and an MBA degree...
, in 1986 the Canadian government permitted the Hongkong Bank of Canada
HSBC Bank Canada
HSBC Bank Canada, formerly the Hongkong Bank of Canada , is a bank in Canada that is part of British banking giant HSBC - one of the largest banking groups in the world. HSBC Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island, and is the...
(HSBC) to rescue it. By stepping in, HSBC acquired a large base of stable retail deposits. The acquisition
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
immediately jumped HSBC's rank amongst Canadian banks from the 20th to the 9th largest.
See also
- List of Canadian banks
- Canada Deposit Insurance CorporationCanada Deposit Insurance Corporation-External links:*** Official CDIC site*...
- Canadian chartered bank notesCanadian chartered bank notesThe Canadian chartered bank notes were paper money issued between 1817 and 1944 by private Canadian banks known as chartered banks.Notes were issued in a variety of different denominations, including 1, 2, 3, 4, 5, 10, 20, 25, 40, 50, 100, 500 and 1000 dollars. After 1871, the smallest denomination...