The Second Bank
The second bank was chartered in 1966 with headquarters in Vancouver and was the creation of W.A.C. Bennett, the Premier of the Province of British Columbia. Mr. Bennett, a businessman, wanted to end Central Canada's absolute control over the banking industry which obliged all but the smaller loans for companies in British Columbia to receive authorization from Head Offices in either Montreal or Toronto.
In 1986, the bank had 1410 employees. 41 branches in BC and Alberta, and offices in the Cayman Islands, the US and Hong Kong. Assets in 1986 were CAD$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, most notably by the flamboyant Edgar F. Kaiser, Jr., in 1986 the Canadian government permitted the Hong Kong Bank of Canada (HSBC) to rescue it. By stepping in, HSBC acquired a large base of stable retail deposits. The acquisition immediately jumped HSBC's rank amongst Canadian banks from the 20th to the 9th largest.
Read more about this topic: Bank Of British Columbia
Famous quotes containing the word bank:
“A man’s labour is not only his capital but his life. When it passes it returns never more. To utilise it, to prevent its wasteful squandering, to enable the poor man to bank it up for use hereafter, this surely is one of the most urgent tasks before civilisation.”
—William Booth (1829–1912)