Lloyds Bank Canada

Lloyds Bank Canada
Subsidiary undertaking
Industry Financial services
Predecessor Continental Bank of Canada
Successor Hongkong Bank of Canada
Founded 1986 (1986)
Defunct 1990 (1990)
Headquarters Toronto, Ontario, Canada
Parent Lloyds Bank Plc

Lloyds Bank Canada was a wholly-owned subsidiary of Lloyds Bank Plc in the United Kingdom from 1986 to 1990. During its existence, the retail bank, headquartered in Toronto with 53 branches throughout Canada, functioned as a member of the Lloyds Bank Group, whose overseas interests also included the National Bank of New Zealand.

History

Lloyds Bank Canada was chartered in 1986, when Lloyds Bank acquired 90 per cent of the assets and most of the liabilities of the Continental Bank of Canada.[1] Continental Bank had been formed earlier in the 1980s when IAC, a financing company, decided to expand the scope of operations.

In 1989, after several years of losses, agreement was reached for the sale of Lloyds Bank's interest in the whole of the issued share capital of the Canadian operation to the Hongkong Bank of Canada, a subsidiary of London-based HSBC Holdings, for a consideration of Can$190 million.[2] In 1999, HBC changed its name to HSBC Bank Canada, consistent with HSBCs strategy of creating a global brand.

In 2009, Lloyds Bank International opened two new offices in Canada, offering its international mortgage to Canadians.[3]

See also

References

  1. ↑ Report and Accounts (p. 8), Lloyds Bank Plc, 1986
  2. ↑ Report and Accounts (p. 35), Lloyds Bank Plc, 1989
  3. ↑ McLister, Robert Lloyds Bank International, Mortgages for Canadians Canadian Mortgage Trends, 27 February 2009


This article is issued from Wikipedia - version of the Thursday, May 05, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.