AST and TSX Trust Companies to Merge

Summary#

AST Trust Company (Canada) and TSX Trust Company say they will apply to the Minister of Finance to merge into a single trust company. The plan is to continue the merged firm as AST Trust Company (Canada) and then change its name to TSX Trust Company; the application is expected on or after December 28, 2020. The merged head office would be in Toronto, Ontario.

What it does#

• The two firms intend to merge into one trust company under the rules of the Trust and Loan Companies Act (Canada).
• After the merger, the combined company would apply to change its legal name from AST Trust Company (Canada) (and French name Société de fiducie AST (Canada)) to TSX Trust Company (French: Compagnie Trust TSX).
• The announced location for the merged company's head office is Toronto, Ontario.
• This notice says the applicants will make their joint filing on or after December 28, 2020. It is a notification of intent, not confirmation that the merger or name change has been approved.

Who's affected#

• Customers and clients of AST Trust Company (Canada) and TSX Trust Company who use trust, custody, or related services.
• Employees and contractors of the two firms.
• Shareholders or owners of the two companies.
• Regulators and counterparties who deal with either firm, including the Minister of Finance.
  If you have accounts or contracts with either company, the notice does not yet say what specific changes (if any) you should expect.

Why it matters#

• If approved, the merger would combine two trust-service businesses under a single corporate entity and a single name. That can change who manages your accounts, the name on legal documents, and where corporate records are kept.
• Customers should watch for formal notices from the companies about changes to account statements, contracts, or contact points.
• The outcome depends on regulatory approval; this notice only signals the companies’ intention to apply.