BNY capital cut, E.SUN branch, NBC–CWB merger

Summary#

This Canada Gazette page contains three short financial notices. It says that BNY Trust Company of Canada plans to ask federal regulators to cut the stated capital of its common shares by up to $26.5 million; E.SUN Commercial Bank, Ltd. intends to apply to open a full-service branch in Toronto; and National Bank of Canada and Canadian Western Bank intend to apply to merge into one bank if a planned acquisition goes ahead.

What it does#

• BNY Trust Company of Canada

  • Intends to apply to the Superintendent under the Trust and Loan Companies Act to reduce the stated capital for its common shares by up to $26.5 million.
  • The sole shareholder passed a special resolution on September 12, 2024 authorizing the change and the company says its CFO will set the exact amount within that limit.
  • The notice says publication is not proof that approval will be granted.

• E.SUN Commercial Bank, Ltd.

  • Intends to apply to the Minister of Finance under the Bank Act for an order allowing it to open a full-service branch in Canada that would operate in Toronto under the name E.SUN Commercial Bank, Ltd.
  • People who object can write to the Office of the Superintendent of Financial Institutions by December 16, 2024.
  • The notice is an application step; it does not mean approval has been granted.

• National Bank of Canada and Canadian Western Bank

  • Say they will jointly apply for letters patent to amalgamate and continue as National Bank of Canada (French: Banque Nationale du Canada), with headquarters in Montréal.
  • The amalgamation is conditional on a proposed acquisition of Canadian Western Bank by National Bank of Canada; if that acquisition does not happen, there will be no amalgamation.
  • The effective date would be set by the letters patent if issued.

Who's affected#

• Shareholders of BNY Trust Company of Canada, especially the sole shareholder who would receive the distributed amount if approval is granted.
• People and businesses in Toronto who might use or compete with the new branch of E.SUN Commercial Bank, Ltd.
• Customers, employees, and shareholders of National Bank of Canada and Canadian Western Bank, and communities served by those banks — especially in Western Canada where Canadian Western Bank has a presence.
• Regulators and financial market participants watching approvals under the Trust and Loan Companies Act and the Bank Act.

Why it matters#

• A capital reduction at BNY Trust Company of Canada could change that company’s balance sheet and how much money is returned to its shareholder. It may matter to creditors or regulators, though the notice does not say whether there will be broader impacts.
• A new full-service branch of E.SUN Commercial Bank, Ltd. could bring another bank into Toronto’s market, potentially offering new services or competition — but only if regulators approve the application.
• A merger between National Bank of Canada and Canadian Western Bank could reshape local banking choices, branch networks, and jobs where the banks operate. The change depends on the success of the proposed acquisition and final regulatory approvals.