An investment bank is a financial services company or corporate division that engages in advisory-based financial transactions on behalf of individuals and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of securities. An investment bank may assist companies involved in mergers and acquisitions and provide ancillary services such as market making, trading of derivatives and equity securities, FICC services. Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses; as an industry, it is broken up into the Bulge Bracket, Middle Market, boutique market. Unlike commercial banks and retail banks, investment banks do not take deposits. From the passage of Glass–Steagall Act in 1933 until its repeal in 1999 by the Gramm–Leach–Bliley Act, the United States maintained a separation between investment banking and commercial banks.
Other industrialized countries, including G7 countries, have not maintained such a separation. As part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, the Volcker Rule asserts some institutional separation of investment banking services from commercial banking. All investment banking activity is classed as either "sell side" or "buy side"; the "sell side" involves trading securities for cash or for other securities, or the promotion of securities. The "buy side" involves the provision of advice to institutions. Private equity funds, mutual funds, life insurance companies, unit trusts, hedge funds are the most common types of buy-side entities. An investment bank can be split into private and public functions with a Chinese wall separating the two to prevent information from crossing; the private areas of the bank deal with private insider information that may not be publicly disclosed, while the public areas, such as stock analysis, deal with public information. An advisor who provides investment banking services in the United States must be a licensed broker-dealer and subject to U.
S. Securities and Exchange Commission and Financial Industry Regulatory Authority regulation; the Dutch East India Company was the first company to issue bonds and shares of stock to the general public. It was the first publicly traded company, being the first company to be listed on an official stock exchange; the Dutch helped lay the foundations of the modern practice of investment banking. Investment banking has changed over the years, beginning as a partnership firm focused on underwriting security issuance, i.e. initial public offerings and secondary market offerings and mergers and acquisitions, evolving into a "full-service" range including securities research, proprietary trading, investment management. In the 21st century, the SEC filings of the major independent investment banks such as Goldman Sachs and Morgan Stanley reflect three product segments: investment banking, asset management, trading and principal investments. In the United States, commercial banking and investment banking were separated by the Glass–Steagall Act, repealed in 1999.
The repeal led to more "universal banks" offering an greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions and hiring. Notable large banks with significant investment banks include JPMorgan Chase, Bank of America, Credit Suisse, Deutsche Bank, UBS, Barclays. After the financial crisis of 2007–08 and the subsequent passage of the Dodd-Frank Act of 2010, regulations have limited certain investment banking operations, notably with the Volcker Rule's restrictions on proprietary trading; the traditional service of underwriting security issues has declined as a percentage of revenue. As far back as 1960, 70% of Merrill Lynch's revenue was derived from transaction commissions while "traditional investment banking" services accounted for 5%. However, Merrill Lynch was a "retail-focused" firm with a large brokerage network. Investment banking is split into front office, middle office, back office activities. While large service investment banks offer all lines of business, both "sell side" and "buy side", smaller sell-side investment firms such as boutique investment banks and small broker-dealers focus on investment banking and sales/trading/research, respectively.
Inns issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on the open market, an activity important to an investment bank's reputation. Therefore, investment bankers play a important role in issuing new security offerings. Front office is described as a revenue-generating role. There are two main areas within front office: investment banking and markets Investment banking involves advising organizations on mergers and acquisitions, as well as a wide array of capital raising strategies. Markets is divided into "sales and trading", "research". Corporate finance is the aspect of investment banks, which involves helping customers raise funds in capital markets and giving advice on mergers and acquisitions
Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce referred to as CIBC, is one of the "Big Five" banks in Canada. The bank is headquartered at Commerce Court in Ontario. CIBC's Institution Number is 010, its SWIFT code is CIBCCATT, it is one of the two major banks founded in Toronto alongside Toronto-Dominion Bank. The Canadian Imperial Bank of Commerce was formed through the June 1, 1961, merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, the largest merger between chartered banks in Canadian history; the bank has four strategic business units: Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U. S. Commercial Banking and Wealth Management, Capital Markets, it has international operations in the United States, the Caribbean and Europe. Globally, CIBC serves more than eleven million clients, has over 40,000 employees; the company ranks at number 172 on the Forbes Global 2000 listing. In 2012, CIBC was named the strongest bank in North America and the 3rd strongest bank in the world by Bloomberg Markets magazine.
William McMaster founded the Canadian Bank of Commerce which opened on May 15, 1867, in Toronto as competition for the Bank of Montreal. The Imperial Bank of Canada opened in Toronto on March 18, 1875, founded by former Commerce Vice-president Henry Stark Howland. By the end of 1895, the Canadian Bank of Commerce had grown to 58 branches and the Imperial Bank of Canada to 18; the 1896 gold strike in the Yukon prompted the Dominion Government to ask the Canadian Bank of Commerce to open a branch in Dawson City. Acquisitions in the 1920s caused the Commerce Bank to become one of the strongest branch networks in Canada with over 700 local branches. Wood, Gundy & Company, the precursor of CIBC's investment banking arm, opened its doors on February 1, 1905. During World War I, it took a active role in the organization of Victory Loans; the Canadian Bank of Commerce opened its new head office in Toronto in 1931. An observation gallery on the 32nd floor attracted visitors who could get an aerial view of the city.
In 1936, the Commerce was the first Canadian bank to establish a personal loans department. Following World War II, both banks opened new branches. Although the banks had been barred from the mortgage business since 1871, the Canadian government now called upon them to provide mortgage services. So, in 1954, Canadian banks started offering mortgages for new construction. In 1960, Imperial chairman Stuart Mackersy approached Neil McKinnon, the president of the Commerce, with a proposal to merge the two banks; this followed a decade of expansion in the Canadian economy and Canada's capitalization of the industrialization of its natural resources. They reached a deal between the two banks. On June 1, 1961, the Canadian Bank of Commerce and the Imperial Bank of Canada merged to form the Canadian Imperial Bank of Commerce with over 1,200 branches across Canada; the new bank possessed the most branches of any bank in the country. In 1964, the bank operated a floating branch using the passenger vessel MV Jean Brilliant along the north shore of the St. Lawrence River in Quebec, billed as the only floating branch in Canada for 5000 customers.
Following the merger, the new bank commissioned a new head office. While planning to retain Commerce Court North, the bank hired architect I. M. Pei to design a three-building complex; the result was Commerce Court consisting of a landscaped courtyard complementing the existing building and included the newly built 786 ft Commerce Court West. When completed in 1973, the 57-storey building was the tallest in Canada, the largest stainless-steel-clad building in the world. In 1967, both Canada and CIBC celebrated their centenaries and CIBC was the only chartered bank to have a branch on-site at Expo 67. At this time computerization began to change banking services and the Yonge and Bloor branch in Toronto was the first Canadian bank branch to update customer bank books via computer; this marked the introduction of inter-branch banking. Before the decade was out, CIBC had introduced the first 24-hour cash dispenser, which would become the ATM. Changes to federal and provincial regulations ending the separation of banks, investment dealers, trust companies and insurance companies came in 1987.
CIBC took advantage of this and became the first Canadian bank to operate an investment dealer, CIBC Securities, offering services to the public. In 1988, CIBC acquired a majority interest in Wood Gundy which brought a well-respected name and reputation in underwriting. Shortly thereafter, the corporation merged Wood Gundy and CIBC Securities under the name CIBC Wood Gundy which became CIBC Oppenheimer in 1997 and CIBC World Markets. In 1992, CIBC introduced automated telephone banking. In 1998, CIBC joined with Loblaws to create President's Choice Financial which it launched in 28 Ottawa area stores. CIBC agreed to merge with the Toronto-Dominion Bank in 1998; however the Government of Canada, at the recommendation of Finance Minister Paul Martin, blocked the merger – as well as another proposed by the Bank of Montreal with the Royal Bank of Canada – as not in the best interest of Canadians. CIBC sold its corporate and purchasing credit card business to U. S. Bank Canada in October 2006 which joined it with business charge cards it acquired from Royal Bank of Canada.
In 2006, the stock ticker symbol on the New York S
Business Development Bank of Canada
The Business Development Bank of Canada is a federal Crown corporation wholly owned by the Government of Canada. Its mandate is to help create and develop Canadian businesses through financing and transition capital, venture capital and advisory services, with a focus on small and medium-sized enterprises; the bank was founded in 1944, its corporate headquarters is located in Montreal. BDC has more than 49,000 clients. BDC's debt obligations, secured by the Government of Canada, are issued to public and private sector institutions; the bank was established by an Act of Parliament as the Industrial Development Bank in September 1944. IDB was an arm of the Bank of Canada, the Governor of the Bank was Chief Executive Officer of the IDB. During its first years, the bank's main role was to help small "industrial enterprises" convert from military production to peacetime operations after the Second World War. IDB was one of the largest development banks in the world; the Industrial Development Bank Act was first amended in 1952 to allow the bank to offer financing to companies in the commercial airlines industry.
By the mid-1950s, one out of every 10 planes in Canada was financed by IDB. The Industrial Development Bank Act was amended two more times to allow the bank to lend to companies in all industries. By 1964, twenty years after its foundation, IDB had 22 branches across Canada, covering main cities such as Halifax, Toronto, Winnipeg and Vancouver, it had operations in rural areas. In the mid-1970s, the bank added consulting and training to its financial offerings to help entrepreneurs better manage their businesses. In 1975, the name of the bank changed to Federal Business Development Bank, its venture capital operations were started. At the time, the bank was known as "a lender of last resort"—supporting businesses in difficulty. In 1995, Parliament passed the Business Development Bank of Canada Act, leading to a new name and mission for the bank; the Act mandates BDC to promote entrepreneurship, with a special focus on the needs of small and medium-sized enterprises, to fill the market gaps and maximize financing alternatives for businesses by offering services that were complementary to those available from other financial institutions.
BDC is financially self-sustaining. Since 1998, it has been profitable and paid a total of $417 million in dividends to its sole shareholder, the Government of Canada; every ten years, the Minister of Industry must conduct a review of the provisions and operations of the BDC Act. The last legislative review was completed in December 2014. BDC offers advisory services with a focus on small and medium-sized companies, it reports to Parliament through the Minister of Innovation and Economic Development. BDC Capital, a subsidiary of BDC, offers specialized financing, including venture capital, equity as well as growth and business transition capital. BDC's Venture Capital arm makes strategic investments in Canadian companies through its Energy/Cleantech Fund, Healthcare Fund and IT Fund. Notable investments include GradeSlam, Q1 Labs, Radian6, Canopy Labs, D-Wave Systems, Klipfolio Dashboard. BDC is a complementary lender, offering commercial loans and investments that fill out or complete services available from private-sector financial institutions.
It provides advice to businesses through its advisory services division. Small Business Week is an annual celebration of entrepreneurs and their contribution to Canadian society. A wide range of activities is held across the country during the third week of October. Small Business Week was launched by BDC in 1979 and became a nationwide event in 1981. BDC has been named one of Canada's Top 100 employers every year since 2007. BDC Capital won multiple CVCA "Deal of the Year Award" for the venture capital category, it won in 2011, for its investment in Radian6 Technologies Inc.. Official website
Laurentian Bank of Canada
The Laurentian Bank of Canada is a financial institution founded in 1846 that operates throughout Canada. The Bank caters to the needs of retail clients via its branch network based in Quebec; the Bank stands out for its know-how among small and medium-sized enterprises and real estate developers owing to its specialized teams across Canada. Its subsidiary B2B Bank is, for its part, one of the major Canadian leaders in providing banking products and services and investment accounts through independent advisors and brokers. Laurentian Bank Securities offers integrated brokerage services to a clientele of institutional and retail investors. LBC's history began in 1846 with the founding of the Banque d'Épargne de la Cité et du District de Montréal, or Montreal City and District Savings Bank, by Monseigneur Ignace Bourget and a group of 15 prominent people from Montreal, Quebec; the bank’s 60 honorary directors included Louis-Hippolyte Lafontaine, Louis-Joseph Papineau and Sir George-Étienne Cartier.
In 1965, the Bank listed its shares on the Montreal Stock Exchange. In 1980, the Montreal City and District Savings Bank obtained the right to expand its operations throughout Canada; this expansion led to the institution listing its shares on the Toronto Stock Exchange three years and in 1987, the bank was renamed Laurentian Bank of Canada. In 1988, after more than a century at 176 Saint-Jacques street, the institution's head office moved to McGill College avenue. In 1993, the Bank acquired General Trust Corporation and purchased most of the Société Nationale de Fiducie’s assets from the brokerage firm BLC Rousseau, thus creating Laurentian Bank Securities. In 2000, it acquired all Sun Life Trust Company stock in a transaction that resulted in the creation of the new B2B Trust subsidiary, now known as B2B Bank; the bank merged with Eaton Trust Company, purchased Standard Trust's assets, acquired La Financière Coopérants Prêts-Épargne Inc. and Guardian Trust Company in Ontario, acquired General Trust Corporation in Ontario, purchased some Société Nationale de Fiducie assets and the brokerage firm BLC Rousseau.
In 1993, the Desjardins-Laurentian Financial Corporation became the new majority shareholder of Laurentian Bank of Canada, following the merging of the Laurentian Group Corporation with the Desjardins Group. The bank purchased the Manulife Bank of Canada’s banking service network and the assets of Prenor Trust Company of Canada in 1994. In 1995, the bank acquired 30 branches of the North American Trust Company. In 1996, one of its subsidiaries acquired the parent corporation of Trust Revenu du Canada. A few months the withdrawal of its main shareholder – Desjardins-Laurentian Financial Corporation – prompted the Laurentian Bank to become a Schedule 1 Bank under the Bank Act, on a par with all the other large Canadian banks. LBC is a member of the Canadian Bankers Association and registered member with the Canada Deposit Insurance Corporation, a federal agency insuring deposits at all of Canada's chartered banks, it is a member of Interac. In November 2015, François Desjardins took the Bank's reins, becoming the institution's 27th President and Chief Executive Officer, succeeding Réjean Robitaille.
The members of the executive committee are: François Desjardins - President and Chief Executive Officer François Laurin - Executive Vice President, Chief Financial Officer Susan Kudzman - Executive Vice President, Chief Risk Officer and Corporate Affairs Deborah Rose - President and Chief Executive Officer of B2B Bank, Executive Vice President, Intermediary Banking and Chief Information Officer, Laurentian Bank Stéphane Therrien - Executive Vice President, Personal & Commercial Banking and President & CEO of LBC Financial Services Michel C. Trudeau - President and Chief Executive Officer, Laurentian Bank Securities and Executive Vice President, Capital Markets, Laurentian Bank Isabelle Courville - Chairman of the Board Lise Bastarache - Member of the Audit Committee Sonia Baxendale - Member of the Audit Committee Richard Bélanger, FCPA, FCA - Member of the Human Resources and Corporate Governance Committee Michael T. Boychuk, FCPA, FCA - Chair of the Audit Committee and member of the Risk Management Committee Gordon Campbell, Member of the Audit Committee François Desjardins - President and Chief Executive Officer of the Bank Michel Labonté - Chair of the Risk Management Committee and member of the Human Resources and Corporate Governance Committee A. Michel Lavigne, FCPA, FCA - Member of the Human Resources and Corporate Governance Committee Michelle R. Savoy - Chair of the Human Resources and Corporate Governance Committee Susan Wolburgh Jenah - Member of the Risk Management Committee List of banks in Canada Laurentian Bank of Canada Laurentian Trust -
Bridgewater Bank is a Canadian Schedule I chartered bank based in Calgary, Canada. Wholly owned by the Alberta Motor Association, the bank specializes in competitive residential mortgages and deposit products through a select network of brokers. Operating in all Canadian provinces except Quebec, Bridgewater Bank manages a portfolio of over $2.8 billion, representing over 33,000 accounts. In business since 1997, Bridgewater Bank received its bank license in January 2006. Bridgewater Bank is regulated by the Office of the Superintendent of Financial Institutions and is a member of the Canada Deposit Insurance Corporation and the Canadian Payments Association. Bridgewater Bank is a member of various industry organizations including: Canadian Bankers Association, Registered Deposit Broker Association, Mortgage Professionals Canada, Mortgage Brokers Association of BC, Alberta Mortgage Broker Association, Independent Mortgage Brokers Association of Ontario and the Alberta Contact Centre Association.
Coast Capital Savings
Coast Capital Savings Federal Credit Union is a member-owned financial co-operative headquartered in Surrey, British Columbia. By membership, it is the largest credit union in Canada with 535,000 members and $20.1 billion in assets. Coast Capital Savings has 52 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia. Coast Capital Savings found its beginnings in 1940 as a co-operative of BC government employees emerging as Pacific Coast Savings Credit Union throughout a series of mergers of local Vancouver Island credit unions. Seven years Surrey Metro Savings and Richmond Savings were formed in the Lower Mainland of British Columbia. Coast Capital Savings Credit Union was created out of a merger on December 31, 2000 between Pacific Coast Savings Credit Union and Richmond Savings Credit Union. In June 2002, Coast Capital Savings merged with Surrey Metro Savings, expanding the reach of the credit union from Vancouver Island to the Fraser Valley. In the years that followed the merger with Surrey Metro Savings, Coast Capital Savings has seen membership growth from 300,000 members in 2002, to 522,000 members in 2015.
The asset base of the credit union has doubled from $6.1 billion to $12.6 billion between 2002 and 2012. From October 17 to November 28, 2016, a vote was held for members on whether or not Coast Capital Savings should become a federal credit union. 79.2% of the 79,726 voting members voted in favour of moving forward to become a federal credit union, the announcement coming from a Special General Meeting held on December 14, 2016. Coast Capital Savings will be the second federal credit union, after New Brunswick's Fédération des caisses populaires acadiennes in July 2016. Pursuant to a federal letters patent, Coast Capital is to be renamed as Coast Capital Savings Federal Credit Union effective November 1, 2018. Coast Capital Savings has a focus on youth in their work with the community, promoting the development of financial literacy, academic success, sound social belonging within the community, stable mental health. Coast Capital Savings invests 7 % of pre-taxed profits to programs. Notable initiatives of the credit union include the Canadian Cancer Society's Cops for Cancer campaign, the University of British Columbia's Innovation Hub, CKNW's Pink Shirt Day, the United Way of Victoria's Youth In Action program.
2015 Giving Hearts Outstanding Corporation Award, Vancouver Chapter of the Association of Fundraising Professionals Top Corporate Culture Award, Waterstone Human Capital Member of Canada's Best Managed Companies Platinum Club, BC's Top Employers Award, Canada's Top Employers United Way Top Contributor Award, United Way Lower Mainland Top Chief Financial Officer in British Columbia, awarded to Don Coulter CEO, Business in Vancouver Magazine Coast Capital Savings website Media related to Coast Capital Savings at Wikimedia Commons
Bank of China (Canada)
Bank of China known as BOCC, is the Canadian subsidiary of the Bank of China. The Bank of China began its business in Canada by opening a representative office in Toronto on September 8, 1992. A new Canadian bank, the Bank of China, was incorporated as a subsidiary of BOC in 1993 under Schedule II of the Bank Act. Personal and commercial banking accounts Chinese Yuan deposit accounts with flexible term and fixed term deposits Remittances Loans Mortgages Foreign Exchange Funds Transfer China Visa Application BOC Canada has 10 locations, two of which are in testing phase and expected to open in the near future: Markham, Ontario Scarborough, Ontario - This branch moved to where former Vip Service Centre was located on March 28, 2016 and carried on operation name as the GTA main branch) Toronto, Ontario Toronto, Ontario North York, Ontario Burnaby, British Columbia Vancouver, British Columbia Richmond, British Columbia Calgary, Alberta Mississauga, Ontario BOC Canada is a member of the Canadian Bankers Association and registered member with the Canada Deposit Insurance Corporation, a federal agency insuring deposits at all of Canada's chartered banks.
It is a member of Interac, which handles transactions between automated teller machines of different banks and debit card transactions. Official website