Type Subsidiary Website www.ebcfx.com | Industry Financial services Founded 2016 | |
 | ||
Formerly called Currency Exchange International of Canada Corp
(2011–2016) Headquarters Toronto, Ontario, Canada Products Foreign currency exchange
international payments Parent organization Currency Exchange International | ||
Exchange Bank of Canada (EBC; French: Banque de change du Canada) is a Schedule 1 domestic bank in Canada. EBC is a subsidiary of Currency Exchange International and specializes in wholesale foreign exchange solutions to financial institutions and businesses.
Contents
As the "Big Five", or now considered "Big Six", account for approximately 90% of total assets among deposit-taking institutions, the remaining Canadian domestic banks tend to focus on financial service niches or specialties. As of September 2016, there were 30 domestic banks based regulated under the Bank Act in Canada.
History
In October 2012, Currency Exchange International, Corp. applied to the Minister of Finance in Canada for letters patent continuing its wholly owned subsidiary, Currency Exchange International of Canada Corp. as a bank under the Bank Act. The company was to change its name to Exchange Bank of Canada in English and Banque de change du Canada in French, and with its head office in Toronto, Ontario.
In September 2016, Currency Exchange International of Canada Corp. was given the order to commence and carry on business as Exchange Bank of Canada (EBC), in English, and Banque de change du Canada, in French, and is now operating as a Canadian Schedule 1 bank. The order to continue as a federally regulated financial institution was made by Canada's Superintendent of Financial Institutions (OSFI) after the Letters Patent were issued by the Minister of Finance.
Products and services
Exchange Bank of Canada's products include the exchange of foreign currencies, international wire transfers, sale of foreign bank drafts, and foreign cheque clearing. EBC does not take deposits or make loans or deal directly with retail customers, only establishing direct relationships dealing with businesses and financial institutions.