Bank West to open its doors in early 2003

Bank West, the first start-up bank to be incorporated under Canada’s new bank ownership rules, expects to open early in the new year, says Scott Tannas, president and CEO of Western Financial Group. Bank West intends to open for business in the provinces of British Columbia, Alberta, and Saskatchewan in the first quarter of 2003.

Bank West will commence operations with $7.5 million in tier one capital. It’s a subsidiary of Western Financial Group, the largest integrated financial services organization based in Western Canada.

“The award of this charter to Western Financial Group demonstrates how opening the Canadian financial services sector to new competitors will benefit customers, shareholders and, indeed, the economy of Canada,” says Tannas.

Headquartered in High River, Alberta, Bank West has been accepted as the newest member of Canada Deposit Insurance Corporation. The new bank will also be known under its French names as Banque Ouest.