Exchange Bank seeks continuance under CBCA

Summary#

The Canada Gazette published a notice that Exchange Bank of Canada plans to ask the Minister of Finance for permission, on or after January 6, 2026, to apply for a certificate of continuance under the Canada Business Corporations Act. The notice was published on December 27, 2025 and is a public announcement of the bank’s intention; it does not mean approval has been granted.

What it does#

• Exchange Bank of Canada intends to seek the Minister’s approval to apply for a certificate of continuance so it can become a corporation under the Canada Business Corporations Act rather than remain solely governed by the Bank Act.
• The bank’s board can withdraw the application before the Minister acts, without getting further approval from the bank’s sole shareholder.
• The notice warns that publication is not proof of approval; any approval depends on the Minister’s review and discretion.

Who's affected#

• Customers and depositors of Exchange Bank of Canada may notice changes if the bank’s legal status changes.
• Employees, management, and the bank’s sole shareholder could be affected by corporate changes.
• Business partners, creditors, and other organizations that have contracts with the bank may also be affected.
• It is unclear from the notice exactly how and when practical changes (if any) would occur; the outcome depends on the Minister’s decision.

Why it matters#

• Changing from being regulated under the Bank Act to being a corporation under the Canada Business Corporations Act would shift which federal rules and oversight apply to the institution.
• That shift could affect legal relationships, supervision, and obligations tied to the bank’s business. The notice is an early public step in that process, so customers and stakeholders may want to watch for further announcements or communications from the bank.