Former type Subsidiary undertaking Parent Lloyds Bank Plc Founded 1986 Ceased operations 1990 | Industry Financial services Headquarters Toronto Successor HSBC Bank Canada | |
Defunct 1990; 27 years ago (1990) Predecessor Continental Bank of Canada | ||
Lloyds Bank Canada was a wholly owned Canadian subsidiary of Lloyds Bank Plc of the United Kingdom from 1986 to 1990. Its headquarters were in Toronto, and it had 53 branches throughout Canada. It functioned as a member of the Lloyds Bank Group, whose overseas domestic banking interests also included the National Bank of New Zealand.
Lloyds Bank International opened two new offices in Canada in 2009, offering its international mortgage.
History
Lloyds Bank Canada was chartered in 1986, when Lloyds Bank acquired 90 per cent of the assets and most of the liabilities of the Continental Bank of Canada. Continental Bank had been formed earlier in the 1980s, when Niagara Finance Company, later IAC Limited, decided to expand the scope of operations.
In 1989, after several years of losses, agreement was reached for the sale of Lloyds Bank's interest in the whole of the issued share capital of the Canadian operation to the Hongkong Bank of Canada, a subsidiary of London-based HSBC Holdings, for a consideration of Can$190 million. In 1999, HBC changed its name to HSBC Bank Canada, consistent with its parent's strategy of creating a global brand.