Canadian Western Bank

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Canadian Western Bank
IndustryFinancial Services
Founded1988; 35 years ago (1988)
Edmonton, Alberta
HeadquartersCanadian Western Bank Place
10303 Jasper Avenue
Edmonton, Alberta, Canada
Key people
Chris Fowler, CEO
ProductsFinancial services
RevenueIncrease Can$1.02 billion (2021)[1]
Increase Can$357.25 million (2021)[1]
AUMIncrease Can$7.82 billion (2021)[1]
Total assetsIncrease Can$37.32 billion (2021)[1]
Total equityIncrease Can$3.53 billion (2021)[1]
Number of employees
Increase 2,617 (FTE, 2021)[1]

Canadian Western Bank (CWB; French: Banque canadienne de l'Ouest), also operating as CWB Financial Group, is a Canadian bank based in Edmonton, Alberta. The bank serves clients both in Western Canada and in other provinces.

The CWB Financial Group is made up of 10 banking, lending, wealth and trust companies.[2] Its loan book is almost equally represented across BC, Alberta and Ontario.[3] As part of its expansion plans, CWB has opened a branch in Mississauga, Ontario, just west of Toronto.


Canadian Western Bank was formed through the 1988 merger of two banks: the Bank of Alberta (founded 1984), and the Western & Pacific Bank of Canada (founded 1982). It was led by Bank of Alberta co-founders Charles Alexander Allard and Eugene Pechet.

In 1993, it acquired Western Canadian branches of Metropolitan Trust. In 1994, Canadian Western Bank and North West Trust Company merged into Canadian Western Bank. In 1996, it acquired BC Bancorp (chartered in 1967), and purchased the Aetna Trust Company, which was renamed Canadian Western Trust Company. In 2001, it acquired the Kelowna and Regina branches of the Laurentian Bank of Canada.

Acquisition history[edit]

  • Western Canadian branches of Metropolitan Trust, 1993
  • Acquired BC Bancorp (chartered 1967), 1996
  • Aetna Trust Company, 1996 - renamed Canadian Western Trust Company 1996
  • Kelowna and Regina branches of Laurentian Bank, 2001
  • Canadian Direct Insurance Inc. (CDII), 2004
  • Valiant Trust Company, 2004
  • Branch of National Bank of Greece (Canada), 2005
  • National Leasing, 2010
  • Maxium Group, 2016
  • iA Investment Counsel Inc., 2020


Canadian Western Bank Place in Downtown Edmonton, Alberta, houses the headquarters for the CWB Financial Group

Canadian Western Bank's operating affiliates include:[4]

  • Motive Financial (100% ownership) – high-interest savings accounts, GICs, and TFSAs. Before 2017, it was called Canadian Direct Financial.
  • Canadian Western Financial Ltd. (100% ownership) – mutual fund dealer.
  • Canadian Western Trust Company (100% ownership) – personal and corporate trust services. Optimum Mortgage is a division of Canadian Western Trust Company and offers residential mortgages via a network of mortgage brokers.
  • National Leasing Group Inc. (100% ownership) – commercial equipment leasing.
  • Valiant Trust Company (100% ownership) – specialty trust services including stock transfer, corporate trust, escrow and employee plan services.
  • CWB Wealth Management (previously Adroit Investment Management Ltd (76.5% ownership) – investment and wealth management.

Motive Financial[edit]

Motive Financial is the virtual banking division of Canadian Western Bank. As such, eligible deposits are held at Canadian Western Bank, a member of Canada Deposit Insurance Corporation (CDIC).[5] Motive Financial is an online bank.[5]

Motive serves customers in all provinces except Quebec. Accounts can be opened online. Deposits and withdrawals can be made using one of The Exchange ATM network’s 2400 ATMs.[6] Debit-card purchases can be made using the Interac network. Transfers to and from other banks may be done by electronic funds transfer (EFT), by Interac e-Transfer, or by writing cheques. Because Motive offers no in-branch services, it offers higher interest rates than conventional banks.[7]

Motive Financial was founded in 1984 and is based in Edmonton. It was founded in 2008 as Canadian Direct Financial. On April 18, 2017, they rebranded to become Motive Financial.[8]


Canadian Western Bank is a member of the Canada Deposit Insurance Corporation (CDIC). It also belongs to the Cirrus, Interac, Mastercard, and The Exchange interbank networks. [9]

See also[edit]


  1. ^ a b c d e f "Annual Report 2021" (PDF). Investor Relations. Canadian Western Bank. Retrieved 12 February 2022.
  2. ^ "Canadian Western Bank (CBWBF) Stock Price & News - Google Finance". March 31, 2020.
  3. ^ "CWB Annual Report - 2019". Archived from the original on 2022-01-21.
  4. ^ "Canadian Western Bank 2010 Annual Report". Canadian Western Bank. Retrieved 2011-08-26.
  5. ^ a b "About us | Motive Financial". Retrieved 2021-01-28.
  6. ^ Bank, Canadian Western (2017-04-18). "Motive Financial: Bringing thrifty back". GlobeNewswire News Room (Press release). Retrieved 2021-01-28.
  7. ^ "Six reasons why a savings account is an awesome place for your money right now". Retrieved 2021-01-28.
  8. ^ "Canadian Direct Financial rebranding to Motive Financial | Motive Financial | Discussion forum | Canadian High Interest Savings Bank Accounts". Retrieved 2021-01-28.
  9. ^ "High Interest Saving Accounts in Canada". 24 November 2020. Retrieved 2021-06-22.

External links[edit]