Continental Bank of Canada
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Founded | 2013 |
| Headquarters | Ontario , Canada |
| Products | Foreign exchange services |
The Continental Bank of Canada is a Canadian chartered bank that was established in 2013. A previous entity bearing the same name operated during the early 1980s.
First Continental Bank
The initial Continental Bank traced its origins to the Industrial Acceptance Corporation (IAC), which was founded in 1925. Transitioning to a financing company in 1970, IAC expanded its operations by entering the banking sector in 1977, obtaining a banking charter under the name Continental Bank of Canada. The bank commenced its activities in June 1979, with its main office located at 130 Adelaide St. West, Toronto. By 1981, it ranked as the ninth-largest bank in Canada, operating 70 branches and managing assets worth $1.6 billion. That same year, Continental Bank merged with its parent company, IAC.
In 1985, after experiencing depositor unrest and a withdrawal crisis impacting several smaller banks, Continental Bank arranged a credit facility with the Bank of Canada. The following year, Lloyds Bank Plc from the United Kingdom acquired Continental Bank along with its remaining 55 branches, renaming it "Lloyds Bank Canada." The institution maintained its banking charter until 1996 due to ongoing legal proceedings involving Revenue Canada. In 1990, Lloyds Bank divested its Canadian operations to Hongkong Bank of Canada, which subsequently became HSBC Bank Canada.
Second Continental Bank
Chartered in 2013, the current Continental Bank of Canada emerged from its predecessor, Continental Currency Exchange. It continues to specialize in foreign exchange services and operates through 19 branches throughout Ontario.