(November 5 – 17:30 ET) – HSBC Bank Canada has agreed to purchase Prenor Trust Company of Canada from Prenor Financial Ltd. The deal is pending, subject to approval of regulators and Prenor Trust shareholders.

Prenor Trust is a mortgage lending business operating in Ontario. The company went into liquidation in 1993 and had total assets of C$7 million at 31 August 1999.

HSBC Bank Canada, an indirectly held, wholly-owned subsidiary of HSBC Holdings plc, has more than 140 offices. With over 5,000 offices in 79 countries and territories and assets of C$730 billion at 30 June 1999, the HSBC Group is one of the world’s largest banking and financial services organizations.

-IE Staff

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