Exchange Bank seeks continuance under CBCA

Summary#

Exchange Bank of Canada says it intends to ask the Minister of Finance for permission to move out from under the Bank Act and continue instead as a corporation under the Canada Business Corporations Act (CBCA). The bank plans to make that request on or after January 6, 2026. This is a notice of intent, not an approval.

What it does#

• Announces that Exchange Bank of Canada will apply to the Minister of Finance for approval to apply under the Canada Business Corporations Act (CBCA) for a certificate of continuance.
• Says the bank’s board can withdraw the application before it is acted on without getting more approval from its sole shareholder.
• Notes that publication of the notice is not proof the approval will be given; approval depends on the usual review and the minister’s decision.
• The notice is dated December 13, 2025 (Toronto).

Who's affected#

• The action directly involves Exchange Bank of Canada and its sole shareholder.
• Other groups likely to pay attention include the bank’s customers, employees, creditors, and regulators.
• It is not clear from the notice what immediate changes customers or the public should expect if the continuance is approved.

Why it matters#

• If approved, the bank would change the legal framework that governs it — moving from rules under the Bank Act to rules under the Canada Business Corporations Act (CBCA).
• That could affect how the company is governed and supervised, which matters to customers, investors and creditors.
• Because this is only an intent to apply, no legal change has happened yet.