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Canadian Western Bank completes acquisition of HSBC Canadian Direct Insurance
30 April 2004
Canadian Western Bank today completed its acquisition of HSBC Canadian Direct Insurance Incorporated (Canadian Direct) from HSBC Bank Canada.
This follows the announcement on 2 March 2004 that HSBC Bank Canada would be selling its shares in Canadian Direct to Canadian Western Bank for a cash payment of C$25.4 million.
Canadian Direct, which has now been renamed Canadian Direct Insurance Incorporated, is a direct property and casualty insurer operating in British Columbia and Alberta.
Notes:
1. Canadian Direct Insurance
Canadian Direct commenced operations in British Columbia in 1996, offering auto insurance directly to customers through a customer-focused, technologically advanced call centre. Operations were soon expanded to include home insurance and in 1999, a second call centre was opened in Alberta to serve that market. Canadian Direct maintains a leading claims loss ratio and is very proud of its excellent customer satisfaction rating. For more information about its operations see Canadian Direct’s website at www.canadiandirect.com.
2. HSBC Bank Canada
HSBC Bank Canada (HSB.PR.A – TSX), a subsidiary of HSBC Holdings plc, is the leading international bank in Canada with more than 160 offices across the country. With over 9,500 offices in 79 countries and territories and assets of US$1,034 billion at 31 December 2003, the HSBC Group is one of the world’s largest banking and financial services organisations. For more information about HSBC Bank Canada and its products and services, visit www.hsbc.ca.
3. Canadian Western Bank
Canadian Western Bank offers highly personalised service through its 27 branch locations and is the largest Schedule I chartered bank headquartered in and regionally focused on Western Canada. The bank, which has total assets of over C$4.4 billion, specialises in mid-market commercial lending and offers a full range of retail services. Trust services to independent financial advisors, corporations and individuals are also provided through the bank’s subsidiary, Canadian Western Trust. The common shares and convertible debentures of Canadian Western Bank are listed on the Toronto Stock Exchange under the respective trading symbols of ‘CWB’ and ‘CWB.DB.A’. For more information see the bank’s website at www.cwbank.com.
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