Banking Circle to apply for Toronto branch
Canada Gazette, Part I, Volume 158, Number 29: MISCELLANEOUS NOTICES
Banking Circle S.A., a Luxembourg-based bank, intends to apply under the Bank Act (Canada) for permission to open a full-service branch in Toronto called Banking Circle S.A. - Canada Branch. The notice names EQT Fund Management S.à r.l. (manager of EQT VIII) as the ultimate controlling shareholder and allows written objections to OSFI by 2024-09-09; this is an application only, not an approval.
- Published
- July 20, 2024
- Department
- Unavailable
- Section
- BANKING CIRCLE S.A.
- Comment deadline
- September 9, 2024
- Effective date
- Unavailable
- Publication part
- Part I
Summary
Summary#
Banking Circle S.A., a bank based in Luxembourg, has told Canadian authorities it plans to apply under the Bank Act for permission to open a full-service branch in Canada. The proposed branch would be called Banking Circle S.A. - Canada Branch and would be located in Toronto, Ontario. Objections can be filed until September 9, 2024.
What it does#
- Asks the Minister of Finance (Canada) for an order allowing a foreign bank to open a full-service branch in Canada under the Bank Act.
- Says the branch would operate as Banking Circle S.A. - Canada Branch with a main office in Toronto.
- Names EQT Fund Management S.à r.l., acting as manager of EQT VIII, as the ultimate controlling shareholder of Banking Circle S.A.
- Tells people how to object: send a written objection to the Office of the Superintendent of Financial Institutions (Canada) at 255 Albert Street, 12th Floor, Ottawa, Ontario K1A 0H2 by September 9, 2024.
- Notes that this notice is not an approval. Final permission depends on the normal review and the decision of the Minister of Finance (Canada) and the Superintendent.
Who's affected#
- People or businesses in Canada who might use the bank’s services if the branch opens.
- Companies that rely on international or cross-border banking and payments.
- Competing Canadian banks and financial service providers.
- Anyone who wants to object to the branch opening (see the Office of the Superintendent of Financial Institutions (Canada) contact above).
If you are unsure whether you would be affected, the notice does not give details about specific products or services the branch will offer.
Why it matters#
- A new full-service branch could increase choices for banking and cross-border payment services in Canada.
- It could change competition in some business banking or payments markets.
- The public has a short window (until September 9, 2024) to raise objections that regulators must consider.
- This is an application stage only — the branch is not approved yet.
Key topics
Source: Canada Gazette