The Canada Deposit Insurance Corporation has approved an application for deposit insurance from BNY Trust Company of Canada. BNY is controlled by the Bank of New York Company Inc., one of the largest financial holding companies in the U.S.

Under the Canada Deposit Insurance Corporation Act, a financial institution’s membership officially takes effect when it accepts its first deposit eligible for deposit insurance.

CDIC membership now totals 100 financial institutions. The complete list of CDIC member institutions is available on CDIC’s website.