BNY Trust capital reduction and Equitable Bank move

Summary#

• BNY Trust Company of Canada says it will apply for regulator approval to reduce the stated capital of its common shares by up to $26.5 million; the company’s sole shareholder approved the plan on September 12, 2024 and the notice was published on October 5, 2024.
• Equitable Bank gave notice that the office to receive enforcement notices in Alberta has moved to a new address (publication October 5, 2024).

What it does#

• BNY Trust Company of Canada

  • Intends to apply to the Superintendent of Financial Institutions (Canada) for permission to reduce the stated capital of its common shares.
  • The reduction would be up to $26.5 million, to be distributed to the company’s sole shareholder, under a special resolution passed on September 12, 2024.
  • The company’s officers are authorized to decide the exact amount (up to the limit) and to file the application. The notice stresses that publication is not proof the regulator will approve the cut.
  • This is reported under the Trust and Loan Companies Act (Canada).

• Equitable Bank

  • Moved its designated office for service of enforcement notices in Alberta to: 909 11th Avenue SW, Suite 1300, Calgary, Alberta T2R 0E7.
  • This change is made under the Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations under the Bank Act (Canada).

Who's affected#

• BNY Trust Company of Canada

  • The company’s sole shareholder is the most directly affected party (they would receive the distribution).
  • It is unclear from the notice whether customers, creditors, or other stakeholders will be directly affected; the change requires regulator approval before it can take effect.

• Equitable Bank

  • Agencies and people who must serve enforcement notices to the bank in Alberta (for example, support-enforcement bodies or other parties sending legal/enforcement notices).
  • Anyone or any organization relying on the bank’s designated service address should update their records to the new address.

Why it matters#

• BNY Trust Company of Canada: A reduction in stated capital means a company is changing how much capital it formally shows on its balance sheet and moving money to its shareholder. That can matter for the company’s financial profile and for anyone watching its regulatory capital position — but the regulator must approve first, so this is not final.
• Equitable Bank: If you need to serve an enforcement notice on the bank in Alberta, use the new address. Using the wrong address could delay or void a legal or enforcement step.