One of the world’s biggest companies, General Electric Co., plans to establish a bank in Canada.

The bank plans to operate under the name GE Money Bank Canada in English and Banque GE Money du Canada in French, and its principal office would be located in Mississauga, Ont., according to the latest edition of Canada Gazette, a federal government publication. GE will apply to the Minister of Finance for permission to set up the bank, the Gazette says.

GE already offers limited financial services in Canada through GE Money Canada. GE Money is the new worldwide brand for the firm’s GE Consumer Finance business. In May 2005, GE Money announced the launch of its mortgage business in Canada, and it promises to bring more innovative financial products to Canada.

The parent company, GE, is one of the world’s largest firms, with more than US$240 billion in annual revenue and US$25 billion in profit. It operates in more than 100 countries and employs more than 313,000 people. GE Consumer Finance began business in 1993 and is now the firm’s third-largest business, operating in 47 countries. It boasts more than US$151 billion in assets, and recorded US$2.5 billion in 2004 net income.

The firm already runs numerous banks in Europe and elsewhere. And, it was reported by the Yomiuri Shimbun newspaper on Saturday that GE also plans to open a bank in Japan in the near future.

The Gazette says anyone who opposes GE’s application to set up a bank in Canada can submit an objection in writing to the Office of the Superintendent of Financial Institutions by Oct. 10.