Bank and Trust Company Notices

Summary#

The Canada Gazette published several corporate notices about bank and trust-company changes. Key items include the intended amalgamation of CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company (effective November 1, 2023), Citibank Canada’s plan to reduce stated capital by up to $425,000,000 (to be distributed by March 31, 2023), Definity Financial Corporation’s plan to seek continuance under the Canada Business Corporations Act on or after February 6, 2023, and plans for Solus Trust Company Limited to continue and amalgamate with Raymond James Trust (Canada) (public objections by March 7, 2023).

What it does#

• CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company intend to combine into a single company called CIBC Mellon Trust Company (English) / Compagnie Trust CIBC Mellon (French). The companies will seek federal approval and expect the amalgamation to take effect on November 1, 2023.
• Citibank Canada plans to ask its regulator to approve a reduction in the stated capital of its common shares by up to $425,000,000, and to distribute that amount to its sole shareholder by March 31, 2023 (or later if allowed).
• Definity Financial Corporation intends to apply for a certificate of continuance to move from its current corporate form to the Canada Business Corporations Act. That application is planned for on or after February 6, 2023.
• Solus Trust Company Limited filed to continue as a federal trust company and, together with Raymond James Trust (Canada), filed to amalgamate. The resulting entity would operate as a non-deposit-taking trust company serving estate and trust clients across Canada. There is a public objection deadline of March 7, 2023.

Who's affected#

• Shareholders: especially the sole shareholder of Citibank Canada, who would receive the $425,000,000 distribution.
• Clients of the involved trust companies: customers of CIBC Mellon, Solus Trust, and Raymond James Trust (Canada) could see corporate reorganization, though these notices do not say services will stop.
• Employees and management of the named companies, who may be affected by corporate restructuring.
• Regulators: federal financial regulators will review and must approve many of these changes.
• The public: anyone interested in objecting to the Solus–Raymond James continuance/amalgamation can submit written objections by March 7, 2023.
• For Definity Financial Corporation, the practical impact on policyholders or customers is not explained in the notice.

Why it matters#

• Corporate amalgamations and continuances reorganize who legally owns and runs these financial firms. That can affect where decisions are made, how services are delivered, and which rules apply.
• The $425,000,000 reduction at Citibank Canada is a large capital movement back to its shareholder. That could matter to regulators watching a bank’s capital, though the notice does not say this will affect customers or services.
• The Solus–Raymond James filings include a formal public comment window. Interested people can ask questions or object before the regulator decides.
• These Gazette notices are announcements of intentions and filings. They do not mean the changes are approved — final decisions depend on regulatory review.