Hongkong Bank of Canada
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| Subsidiary of HSBC | |
| Industry | Finance and Insurance |
| Founded | 1981 |
| Headquarters | 885 West Georgia Street Vancouver, British Columbia V6C 3E9 |
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Key people
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| Products | Financial Services |
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Number of employees
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6,000 |
| Parent | HSBC |
| Website | www |
HSBC Bank Canada, formerly the Hongkong Bank of Canada (French: Banque HSBC Canada), is a bank in Canada that is part of British banking giant HSBC - one of the largest banking groups in the world. HSBC Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island, and is the largest foreign-owned bank in the country. Corporate headquarters are in the financial district of Vancouver, British Columbia. HSBC Bank Canada's Institution Number (or bank number) is 016.
In 1979, The Hongkong and Shanghai Banking Corporation bought a Vancouver-based acceptance company that financed machinery and equipment for small companies operating in British Columbia. In 1981, The Hongkong and Shanghai Banking Corporation incorporated Hongkong Bank of Canada (HBC), in Vancouver as a chartered bank effective July 1, 1981, under the Bank Act of Canada using the acceptance company as a base for the new bank. HBC had a few retail branches primarily focused on Asian-Canadians whose primary business centred on commercial enterprises. HBC opened branches in major cities in western Canada and in Toronto and Montreal but growth was slow. HBC sought to grow by acquisition, but the first three attempts to buy an existing institution were unsuccessful. HBC acquired the assets of Bank of British Columbia on November 27, 1986, which had essentially failed. This acquisition gave HBC an additional $2.6 billion in assets and 41 branches in British Columbia and Alberta propelling it overnight from the 20th largest to 9th largest bank in Canada.
On May 20, 1988, HBC amalgamated with Midland Bank Canada, gaining many new corporate banking relationships, combined assets of $472 million, and expanding to Eastern Canada. It acquired Lloyds Bank Canada on May 29, 1990, thereby adding another $4.4 billion in assets and 53 branches. Lloyds Bank had acquired Continental Bank of Canada in 1986. Continental Bank began in 1973 as Niagara Finance Company, later became IAC Limited, and then Continental Bank.
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