BNY Trust to Reduce Common Share Capital

Summary#

This Canada Gazette Miscellaneous Notices page reports several routine corporate and financial filings. It says that BNY Trust Company of Canada plans to cut the stated capital of its common shares by up to $26.5 million; Employers Reassurance Corporation plans to transfer certain reinsurance treaties to Munich Reinsurance Company Canadian Branch (application on or after November 19, 2024); Equitable Bank moved its Alberta address for service of enforcement notices; and National Bank of Canada and Canadian Western Bank intend to apply to merge by letters patent, if a related share purchase goes ahead.

What it does#

• BNY Trust Company of Canada (under the Trust and Loan Companies Act (Canada)) intends to apply to the federal regulator to reduce the stated capital account for its common shares by up to $26.5 million. The sole shareholder approved the plan on September 12, 2024.
• Employers Reassurance Corporation (under the Insurance Companies Act (Canada)) intends to apply on or after November 19, 2024 to have its Canadian branch reinsured, on an assumption basis, by Munich Reinsurance Company Canadian Branch for life, critical illness and disability treaties. Treaty holders can inspect the proposed agreement and the independent actuary’s report for 30 days after the notice.
• Equitable Bank, following the Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations under the Bank Act (Canada), has changed the Alberta office designated for service of enforcement notices to 909 11th Avenue SW, Suite 1300, Calgary, Alberta T2R 0E7 (effective October 5, 2024).
• National Bank of Canada and Canadian Western Bank say they will jointly apply to the Minister of Finance for letters patent of amalgamation to continue as National Bank of Canada / Banque Nationale du Canada, with a head office in Montréal. That application is conditional on required regulatory approvals for a proposed share acquisition and the amalgamation would take effect on a date fixed by the letters patent.

Who's affected#

• For the BNY Trust Company of Canada item: the company’s sole shareholder and anyone tracking the company’s capital structure. It is unclear whether customers or creditors are directly affected from this notice alone.
• For Employers Reassurance Corporation: treaty holders of ERAC’s Canadian branch (they can inspect documents and request a copy). Reinsurance partners and parties to the listed life, critical illness and disability treaties may be interested.
• For Equitable Bank: people or agencies who need to serve enforcement notices to the bank in Alberta (lawyers, courts, enforcement officers).
• For the proposed National Bank of Canada / Canadian Western Bank amalgamation: bank shareholders, employees, customers, and regulators could be affected if the acquisition and amalgamation proceed. The notice does not say the merger is final.

Why it matters#

• A reduction of stated capital by BNY Trust Company of Canada could mean money is distributed to its shareholder. That can matter to investors and anyone tracking the firm’s financial position.
• The reinsurance assumption by Munich Reinsurance Company Canadian Branch could change who ultimately bears the risk on certain life, critical illness and disability treaties. Treaty holders have the right to review the agreement.
• The address change for Equitable Bank matters for the practical service of legal notices in Alberta. Using the wrong address could delay legal or enforcement actions.
• The planned amalgamation of National Bank of Canada and Canadian Western Bank could reshape the banking landscape if the related acquisition and regulatory approvals succeed. The notice is a step in a process, not a final decision.