AST and TSX Trust Amalgamation

Summary#

Two short notices appeared in the Canada Gazette on December 19, 2020. One says AST Trust Company (Canada) and TSX Trust Company plan to apply to the Minister of Finance to merge and then change the merged company's name to TSX Trust Company under the Trust and Loan Companies Act. The other says President’s Choice Bank has moved the office where it accepts service of enforcement notices for all provinces.

What it does#

• AST Trust Company (Canada) and TSX Trust Company
  • intend to file for letters patent of amalgamation on or after December 28, 2020 so the two firms become one company.
  • the combined company would initially continue under the name AST Trust Company (Canada) and then apply for amended letters patent to change its name to TSX Trust Company.
  • the head office of the merged company would be in Toronto, Ontario.
• President’s Choice Bank
  • changed the location of its designated office for service of enforcement notices (for all provinces).
  • old address: 25 York Street, P.O. Box 201, 7th Floor, Toronto, Ontario M5J 2V5.
  • new address: 600-500 Lakeshore Blvd. West, Toronto, Ontario M5V 2V9.
  • This change was made under the Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations.

Who's affected#

• Clients, issuers, and counterparties of AST Trust Company (Canada) and TSX Trust Company may see one legal entity and a new public name. The notice does not list specific customer impacts beyond the amalgamation and name change.
• People or organizations who need to serve enforcement notices on President’s Choice Bank (for example, courts, lawyers, or agencies) must now use the new address in Toronto.
• If it’s unclear whether a specific contract or court process is affected, those parties should check directly with the companies or their legal advisers.

Why it matters#

• The trust companies’ amalgamation and name change is mainly an administrative/legal consolidation. In practice, customers and business partners may notice a new company name on documents, statements, or communications. It can also mean changes to contracts, banking paperwork, or contact details.
• The bank’s change of designated office matters if you need to serve an enforcement notice. Sending notices to the old address could delay service, while using the new address ensures they reach the correct office.