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Canada Trust was a trust company that offered the same services as a bank. It was one of Canada's largest non-bank financial institutions , with $38 billion in deposits and $176 billion in assets. It had 11,000 employees and 3.5 million customers and operated a network of 413 branches across Canada; and almost 1,000 automated banking machines.
TD Canada Trust, commonly shortened in marketing to simply TD, is the Canadian commercial banking division of the multinational TD Bank Group. [ a ] [ 4 ] It is the second-largest commercial bank in Canada by assets , behind only the Royal Bank of Canada .
For much of the 20th century, Canada's trust companies were controlled by the major banks through interlocking directorates. However, revisions to the Bank Act in 1967 forbade individuals from sitting on a bank and trust company board simultaneously; this had been a recommendation in the 1964 Report of the Royal Commission on Banking and ...
In Canada, the bank operates through its TD Canada Trust division and serves more than 11 million customers at over 1,091 branches. In the United States, the company operates through their subsidiary TD Bank, N.A., which was created through the merger of TD Banknorth and Commerce Bank.
Originally founded as a trust company named Pacific & Western Trust Corporation in Saskatoon, Saskatchewan in 1980. It later moved its head offices to London, Ontario. On 1 August 2002, it was granted a Schedule I chartered bank licence and became Pacific & Western Trust Bank of Canada before finally changing its name to VersaBank in 2016.
TD Bank merged with Canada Trust, which was for a long time the largest trust in Canada, thus vaulting TD into the number two spot. [23] While there were no major changes to Bank of Montreal, CIBC's first unsuccessful foray into the US market led it to shed its assets there, dropping it to the number five spot. [24]
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He joined Canada Trust Financial Services Inc. in 1991, rising to president and chief executive officer in 1994, a position he held until 2000.Canada Trust was a customer focused financial institution which gained market share. As CEO of Canada Trust he introduced same sex benefits in 1994, a first among companies and governments in North America.