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Chartered Banks in Canada

Chartered banks, sometimes known as commercial banks, are public corporations that are licensed by the federal government to operate a banking business within Canada. By issuing these licenses (or charters), the Canadian government regulates and controls the country’s economy by influencing the amount, availability and distribution of money, and the terms or cost of accessing and distributing that money (interest rates). Chartered banks are regulated by the federal Bank Act and supervised by the Office of the Superintendent of Financial Institutions. Chartered banks in Canada accept deposits from the public and extend loans (such as mortgages) for personal, commercial, and other purposes. Banks also own and operate trust companies, securities dealers and insurance companies and offer such services as investment banking, international banking and more.

Macleans

Eaton's Seeks Bankruptcy Protection

This article was originally published in Maclean’s magazine on March 10, 1997. Partner content is not updated.

All had gathered to pay their last respects to Signy Eaton, the matriarch of the Eaton clan, widow of John David who had led the family's mighty retail chain in the halcyon days of the 1950s and 1960s, when the company controlled half of the country's department store sales.

Article

Canadian Imperial Bank of Commerce (CIBC)

The Canadian Imperial Bank of Commerce, commonly known as CIBC, is the fifth largest chartered bank in Canada. It was created through the 1961 merger of two Ontario-based banks, the Canadian Bank of Commerce and the Imperial Bank of Canada — the largest merger of two chartered banks in Canada’s history. Today, CIBC operates its business in Canada and abroad through three divisions: retail and business banking, wealth management, and capital markets. CIBC is a public company that trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol CM. In 2020, CIBC registered $18.7 billion in revenue and $3.8 billion in profit and held $769.6 billion in assets. The bank employs approximately 43,853 people, who serve 10 million customers.

Article

Banking in Canada

Banking is a financial process carried out by an institution that accepts deposits, lends money and transfers funds. Canada's major banks play a vital role in the economy and today also engage in the insurance, trust and securities markets. Their business, the technology surrounding it and the regulations that govern it, have evolved continuously over the centuries.

Macleans

Bre-X Strikes It Rich in Indonesia

This article was originally published in Maclean’s magazine on March 3, 1997 Partner content is not updated.

John Felderhof is pacing like a panther. Boxed in a place he does not want to be. Hounded by people he does not like. He is grey-pale, his skin approximating the color of the smoke that rises from his Marlboro cigarette. Outside, the Jakarta air hangs at 30°C. The scenery is chaotic, Kodachromatic.