{{Short description|Canadian bank based in Edmonton, Alberta}} {{Primary sources|date=April 2020}} {{Infobox company| | name = Canadian Western Bank| | logo = Canadian Western Bank Financial Group horizontal logo.svg | logo_size = 280px | traded_as = {{TSX was|CWB}} | predecessors = {{ubl| * Bank of Alberta * Western & Pacific Bank}} | foundation = {{start date and age|1988}}<br>Edmonton, Alberta | defunct = 2025 | fate = Acquired by the National Bank of Canada in 2025 | successor = National Bank of Canada | hq_location = Canadian Western Bank Place<br>10303 Jasper Avenue<br>Edmonton, Alberta, Canada | key_people = Chris Fowler, CEO | industry = Banking | products = Financial services | revenue = {{increase}}CA$1.2 billion (2024)<ref name="Financials">{{cite web |title=Annual Report 2024 |url=https://www.cwb.com/-/media/cwbgroup/documents/IR/Quarterly-results-and-calls/2024-Quarterly-Reports/Q4-2024-Financial-Results/Annual-Report.pdf |website=Investor Relations |publisher=Canadian Western Bank |access-date=18 December 2024}}</ref> | net_income = {{decrease}}CA$296 million (2024)<ref name="Financials"/> | assets = {{increase}}CA$43.1 billion (2024)<ref name="Financials"/> | equity = {{increase}}CA$4.4 billion (2024)<ref name="Financials"/> | aum = {{increase}}CA$9.4 billion (2024)<ref name="Financials"/> | num_employees = 2,569 (FTE, 2024)<ref name="Financials"/> | homepage = {{Official URL}} }} '''Canadian Western Bank''' ('''CWB'''; {{langx|fr|Banque canadienne de l'Ouest}}), doing business as the '''CWB Financial Group''', was a Canadian bank based in Edmonton, Alberta. The bank primarily operated in western Canada, although it also operated several branches in eastern Canada.
The CWB was established in 1988 through the merger of the Bank of Alberta and the Western & Pacific Bank of Canada. In 2025, CWB was acquired by the National Bank of Canada, and its operations were rebranded under the National Bank brand.
==History== Canadian Western Bank was formed through the 1988 merger of two banks: the Bank of Alberta (founded 1984), and the Western & Pacific Bank of Canada (founded 1982). It was led by Bank of Alberta co-founders Charles Alexander Allard and Eugene Pechet.
In 1993, it acquired Western Canadian branches of Metropolitan Trust. In 1994, Canadian Western Bank and North West Trust Company merged into Canadian Western Bank. In 1996, it acquired BC Bancorp (chartered in 1967), and purchased the Aetna Trust Company, which was renamed Canadian Western Trust Company. In 2001, it acquired the Kelowna and Regina branches of the Laurentian Bank of Canada.
It was announced on June 11, 2024, that it would be acquired by National Bank of Canada in 2025.<ref>{{cite news |last1=Bickis |first1=Ian |title=National Bank to buy Canadian Western Bank at $5 billion valuation |url=https://toronto.citynews.ca/2024/06/11/national-bank-to-buy-canadian-western-bank-in-deal-valuing-cwb-at-5b/ |work=CityNews Toronto |agency=The Canadian Press |date=11 June 2024|archive-url=https://web.archive.org/web/20251112141131/https://toronto.citynews.ca/2024/06/11/national-bank-to-buy-canadian-western-bank-in-deal-valuing-cwb-at-5b/|archive-date=2025-11-12|access-date=2026-02-17}}</ref> The acquisition was completed in March 2025, with CWB rebranding under the National Bank brand.<ref>{{cite web |last=Stewart |first=Monte |date=2025-02-04 |title=CWB branches to be rebranded as National Bank |url=https://www.connectcre.ca/stories/cwb-branches-to-be-rebranded-as-national-bank/ |archive-url=https://web.archive.org/web/20251212120916/https://www.connectcre.ca/stories/cwb-branches-to-be-rebranded-as-national-bank/ |archive-date=2025-12-12 |access-date=2026-02-17 |website=Connect Canada CRE}}</ref>
===Acquisition history=== {{col div}} * Western Canadian branches of Metropolitan Trust, 1993 * Acquired BC Bancorp (chartered 1967), 1996 * Aetna Trust Company, 1996 - renamed Canadian Western Trust Company 1996 * Kelowna and Regina branches of Laurentian Bank, 2001 * Canadian Direct Insurance Inc. (CDII), 2004 * Valiant Trust Company, 2004 * Branch of National Bank of Greece (Canada), 2005 * National Leasing, 2010 * Maxium Group, 2016 * iA Investment Counsel Inc., 2020 {{col div end}}
==Operations== [[File:Canadian Western Bank Place Edmonton.JPG|thumb|225px|upright|Canadian Western Bank Place in Downtown Edmonton, Alberta, housed the bank's headquarters]] The CWB Financial Group was made up of 10 banking, lending, wealth and trust companies.<ref>{{cite news |last=Balu |first=Nivedita |date=2024-06-12 |title=With acquisition, Canada's National Bank expands west |url=https://www.reuters.com/markets/deals/with-acquisition-canadas-national-bank-expands-west-analysts-applaud-growth-2024-06-12 |url-status=dead |archive-url=https://archive.today/20241028041837/https://www.reuters.com/markets/deals/with-acquisition-canadas-national-bank-expands-west-analysts-applaud-growth-2024-06-12/ |archive-date=2024-10-28 |access-date=2026-02-17 |work=Reuters}}</ref><ref>{{Cite web |last= |first= |date=March 31, 2020 |title=Canadian Western Bank (CBWBF) Stock Price & News - Google Finance |url=https://www.innovationcu.ca/personal/advice-tools/blog/2025/what-is-a-gic.html |url-status=dead |archive-url=https://web.archive.org/web/20240612063850/https://www.google.com/finance/quote/CBWBF:OTCMKTS |archive-date=2024-06-12 |access-date=2026-02-17 |website=www.cwb.com}}</ref> It had an expanding loan book in BC, Alberta and Ontario.<ref>{{Cite web |last=Rust |first=Graedon |last2=Zaidi |first2=Sohail “Zee” |date= |title=CWB Financial Group 2019 Annual Report |url=https://www.cwb.com/-/media/cwbgroup/documents/IR/Annual-Reports/2019/CWBFG-Annual-Report-2019-Full-FIN_REVISED_01-27-20.ashx |url-status=live |archive-url=https://web.archive.org/web/20220121031355/https://www.cwb.com/-/media/cwbgroup/documents/IR/Annual-Reports/2019/CWBFG-Annual-Report-2019-Full-FIN_REVISED_01-27-20.ashx |archive-date=2022-01-21 |access-date= |website=}}</ref><ref>{{cite news |date=2024-12-20 |title=National Bank takeover of Canadian Western Bank approved |url=https://globalnews.ca/news/10928870/national-bank-canadian-western-bank-takeover-approved |archive-url=https://web.archive.org/web/20251108230753/https://globalnews.ca/news/10928870/national-bank-canadian-western-bank-takeover-approved/ |archive-date=2025-11-08 |access-date=2026-02-17 |work=Global News}}</ref>
Canadian Western Bank's operating affiliates included:<ref>{{cite web | url = http://www.cwbankgroup.com/investor_relations/annual_report.htm | title = Canadian Western Bank 2010 Annual Report | publisher = Canadian Western Bank | accessdate = 2011-08-26 | archive-date = 2011-09-30 | archive-url = https://web.archive.org/web/20110930072406/http://www.cwbankgroup.com/investor_relations/annual_report.htm | url-status = dead }}</ref> * Motive Financial (100% ownership) – high-interest savings accounts, GICs, and TFSAs. Before 2017, it was called Canadian Direct Financial. * Canadian Western Financial Ltd. (100% ownership) – mutual fund dealer. * Canadian Western Trust Company (100% ownership) – personal and corporate trust services. Optimum Mortgage is a division of Canadian Western Trust Company and offers residential mortgages via a network of mortgage brokers. * National Leasing Group Inc. (100% ownership) – commercial equipment leasing. * Valiant Trust Company (100% ownership) – specialty trust services including stock transfer, corporate trust, escrow and employee plan services. * CWB Wealth Management (previously Adroit Investment Management Ltd (76.5% ownership) – investment and wealth management.
===Motive Financial=== '''Motive Financial''' was the virtual banking division of Canadian Western Bank. As such, eligible deposits were held at Canadian Western Bank, a member of Canada Deposit Insurance Corporation (CDIC).<ref name=":0">{{Cite web |title=About us {{!}} Motive Financial |url=https://www.motivefinancial.com/en/about-us |archive-url=https://web.archive.org/web/20251011124134/https://www.motivefinancial.com/en/about-us |archive-date=2025-10-11 |access-date=2026-02-17 |website=www.motivefinancial.com}}</ref> Motive Financial was an online bank.<ref name=":0" />
Motive served customers in all provinces except Quebec. Accounts could be opened online. Deposits and withdrawals could be made using one of the Exchange ATM network's 2400 ATMs.<ref>{{Cite press release|last=Bank|first=Canadian Western|date=2017-04-18|title=Motive Financial: Bringing thrifty back|url=http://www.globenewswire.com/news-release/2017/04/18/1324560/0/en/Motive-Financial-Bringing-thrifty-back.html|access-date=2021-01-28|website=GlobeNewswire News Room}}</ref> Debit-card purchases could be made using the Interac network. Transfers to and from other banks could be done by electronic funds transfer (EFT), by Interac e-Transfer, or by writing cheques. Because Motive offered no in-branch services, it offered higher interest rates than conventional banks.<ref>{{Cite web |title=What is the Highest Paying GIC Rate in Canada? |url=https://www.stocktrades.ca/best-gic-rates-canada/ |access-date=2024-01-05}}</ref><ref>{{Cite news|title=Six reasons why a savings account is an awesome place for your money right now|url=https://www.theglobeandmail.com/investing/personal-finance/article-six-reasons-why-a-savings-account-is-an-awesome-place-for-your-money/|access-date=2021-01-28}}</ref>
==Membership== Canadian Western Bank was a member of the Canada Deposit Insurance Corporation (CDIC). It also belonged to the Cirrus, Interac, Mastercard, and the Exchange interbank networks.<ref>{{Cite web|title=High Interest Saving Accounts in Canada|url=https://hardbacon.ca/en/banking/30-best-high-interest-saving-accounts/|access-date=2021-06-22|website=hardbacon.ca|date=24 November 2020 }}</ref>
==See also== {{Portal|Banks}} *List of banks and credit unions in Canada *''Canadian Western Bank v Alberta''
==References== {{reflist}}
==External links== *{{Official website}}
{{Canadian banks}} {{Edmonton Corporations}}
{{Authority control}}
Category:Companies listed on the Toronto Stock Exchange Category:Banks of Canada Category:Financial services companies based in Alberta Category:Companies based in Edmonton Category:Banks established in 1988 Category:1988 establishments in Alberta Category:Defunct banks of Canada Category:Banks disestablished in 2025 Category:2025 mergers and acquisitions