Bank West, a wholly owned subsidiary of Western Financial Group Inc., has received approval from the Office of the Superintendent of Financial Institutions to commence business.

Letters Patent, incorporating Bank West as a bank in Canada were issued on Nov. 27, 2002. Bank West has also been accepted for membership in the Canada Deposit Insurance Corp.

With the OSFI approval to commence business, Bank West anticipates that it will be in a position to open for business in B.C., Alberta and Saskatchewan by January 30.

The bank says it will commence operations with $7.5 million in tier one capital.