Does EQB traded on TSE represent EQ Bank? | EQ Bank | Discussion forum

Not quite.

Symbol EQB refers to Equitable Group Inc. That's the owner of Equitable Bank.

Equitable Group Inc. has a DBRS credit rating of BBB(low). Equitable Bank deposits have a slightly better DBRS rating of BBB.

None of the credit unions will have stock market listings or ratings because they are owned by members, not by stockholders. So, if that's your criterion, you will eliminate a lot of possibilities.

Oaken's parent, Home Capital Group, is also on the stock market, as is Scotiabank which owns Tangerine. I suppose PC must be owned by Loblaw, not sure how that one works since CIBC also has some kind of stake in it.

Loonie said

None of the credit unions will have stock market listings or ratings because they are owned by members, not by stockholders. So, if that's your criterion, you will eliminate a lot of possibilities.

Oaken's parent, Home Capital Group, is also on the stock market, as is Scotiabank which owns Tangerine. I suppose PC must be owned by Loblaw, not sure how that one works since CIBC also has some kind of stake in it.

I don't often agree with Loonie, but touché on both points, Loonie.

VersaBank, previously Pacific & Western Bank of Canada, which has some of the highest regulatory capital ratios in Canada, was previously wholly-owned by Pacific & Western Capital (now PWC Capital Inc) until what it is now PWC Capital spun out a minority interest in Pacific & Western Bank of Canada a few years ago and is now undergoing a corporate transformation that would see PWC Capital amalgamate with publicly-traded VersaBank as VersaBank as the successor entity and PWC Capital shareholders would exchange their shares for VersaBank shares.

Who owns a bank in Canada means nothing. Sure, with the smaller banks and trust companies, you may want to stay within your CDIC limits whereas with the "Big 5", or those owned by the "Big 5," it's absolutely irrelevant. OSFI regulates them all, their underwriting standards, for which it's stepped up those regulations and is now increasing audits, particularly of the smaller banks and trust companies. They have to maintain really high capital ratios.

Other example(s) of publicly-traded companies owning chartered banks or trust companies:
* Laurentian Bank wholly owns B2B Bank, B2B Trustco, Laurentian Trust of Canada and LBC Trust
* Bank of Montreal wholly owns Bank of Montreal Mortgage Corporation and BMO Trust Company
* Bank of Nova Scotia, directly or indirectly (as applicable), wholly owns, get ready for it, Hollis Canadian Bank (previously Dundee Bank of Canada), Montreal Trust Company of Canada, National Trust Company, Scotia Mortgage Corporation and Tangerine Bank
* Alberta Motor Association (which, admittedly, is a membership-based not-for-profit association but with which I've included in this list for similar reason(s)) wholly owns Bridgewater Bank
* The Toronto Dominion Bank wholly owns The Canada Trust Company, TD Mortgage Corporation and TD Pacific Mortgage Corporation. (Parent TD also has an ABM sharing and operations & administration agreement for First Nations Bank of Canada. As well, parent TD also operates its MBNA direct-to-consumer credit card and CUETS Financial credit card for certain credit unions division)
* Canadian Imperial Bank of Commerce wholly owns CIBC Mellon Trust Company (which is the custodian, registrar and/or trustee of most mutual funds in Canada), CIBC Mortgages Inc (previously was/amalgamated with FirstLine Mortgages Inc, which is in "run-off"), CIBC Trust Company and parent CIBC also serves as the banking, term deposit/GIC (for retail depositors through direct-to-consumer and in-branch channels), mortgages, lending and mutual funds provider of PC Financial-branded services and operator of in-store "pavilions"
* Canadian Tire Corporation owns 80% of Canadian Tire Financial Services Ltd, which wholly owns direct-to-consumer credit card & deposit issuer Canadian Tire Bank and also provides credit monitoring services. (Bank of Nova Scotia owns the remaining 20% of CTFS Ltd and, thus, Canadian Tire Bank, with the option to buy up to 30% more after 5 years or sell back its 20% to Canadian Tire Corporation after 10 years.)
* Canadian Western Bank owns Canadian Western Trust Company and Valiant Trust Company
* U.S.-listed Citigroup indirectly wholly owns Citibank Canada and Citi Trust Company, the latter of which it is in the process of applying to the Minister of Finance to continue as a regular federally incorporated company under the Canada Business Corporations Act instead of the current Trust & Loan Companies Act. It also wholly owns an OSFI-regulated, Schedule III Canadian branch of Citibank N.A.
* Vancouver City Savings Credit Union, a B.C. credit union, much like the Alberta Motor Association and its Bridgewater Bank subsidiary, wholly owns Citizens Bank of Canada, a commercial mortgage & foreign exchange provider and direct-to-consumer credit card & prepaid credit card issuer
* Alterna Savings & Credit Union Ltd, an Ontario credit union, wholly owns CS Alterna Bank, much like Vancity and the AMA do with their chartered bank subsidiaries
* DirectCash Payments wholly owns DirectCash Bank
* The aforementioned Equitable Group Inc wholly owns Equitable Bank
* TMX Group Inc, operator of Canadian stock exchanges, wholly owns, directly or indirectly, Equity Financial Trust Company, a transfer agent/custodian/registrar/proxy servicing company
* HSBC Holdings plc, a U.K.-listed publicly-traded banking conglomerate, indirectly wholly owns HSBC Bank Canada, which, in turn, wholly owns HSBC Mortgage Corporation (Canada) and HSBC Trust Company (Canada), among other non-OSFI regulated subsidiaries
* ICICI Bank, an India-listed banking conglomerate, wholly owns, directly or indirectly, ICICI Bank Canada
* Industrial Alliance Insurance And Financial Services Inc wholly owns, directly or indirectly, Industrial Alliance Trust
* Industrial and Commercial Bank of China, a China-listed banking conglomerate that is the world's largest banking group by "total assets" and/or "total deposits" in its custody and also sometimes by market value and with which is also majority state-owned by the Peoples Republic of China, wholly owns, directly or indirectly, Industrial and Commercial Bank of China (Canada)
* IGM Financial Inc, which also wholly owns Investors Group, also wholly owns, directly or indirectly, Investors Group Trust Co Ltd
* Manulife Financial Inc, directly or indirectly, wholly owns Manulife Bank of Canada and Manulife Trust Company
* National Bank of Canada, directly or indirectly, wholly owns Natcan Trust Company and National Bank Trust Inc, among other non-OSFI-regulated subsidiaries
* Samson Cree First Nation, much like Vancity and AMA and their chartered bank subsidiaries, wholly owns, directly or indirectly, Peace Hills Trust Company, one of only two independent trust companies to operate retail deposit-taking and lending branch networks (the other one is Home Bank and Home Trust Company but recently rebranded under its Oaken Financial banner, though First Nations Bank of Canada is owned by a consortium of first nations group(s) too but, in that case, TD operates its branches)
* Loblaw Companies Ltd directly wholly owns President's Choice Bank, which, under the PC Financial brand, issues term deposits/GICs only through the deposit broker and self-directed discount brokerage channels not directly to consumers that it largely uses to fund its PC Financial MasterCard portfolio, which it owns but has contracted TD's CUETS Financial division to administer and operate
* Royal Bank of Canada directly wholly owns each of RBC Investor Services Trust (a leading custodian/transfer agent/registrar and payments issuer for pension plans, mutual funds and publicly-traded companies, among others), Royal Bank Mortgage Corporation, Royal Trust Company and Royal Trust Corporation of Canada
* State Bank of India, an Indian-domiciled banking group, directly or indirectly, wholly owns SBI Canada Bank
* Sun Life Financial Inc, directly or indirectly, wholly owns Sun Life Financial Trust Inc
* UBS, a Swiss-listed banking and investment group, wholly owns, directly or indirectly, UBS Bank (Canada)

Note: There may be others that could be included, such as ones owned by the Quebec-based Desjardins cooperative or ones possibly owned by other state-owned Chinese banks or others that aren't CDIC members but are OSFI-regulated

My point this: virtually every CDIC member, the list that I used, is wholly-owned by a publicly-traded company of some kind.

Cheers,
Doug

Loonie said

That's quite a list! Unfortunately, almost none of them offer competitive interest rates.

You omitted Peoples Trust, which is privately held, apparently by the Ghermezian family of Edmonton (think West Edmtn mall). According to Wikipedia, the parent company, Triple Five Group, is committed to developing mineral resources on native lands. This would definitely be a FI that AndreasChen would not want to do business with.

Really!? Where's the source on that? I'm not a fan of the Ghermezian family and the whole West Edmonton Mall affair and how, basically, a lot of contractors and such apparently got screwed in the bankruptcy and somehow this family managed to either hold on to it or get it on the cheap. Pretty shitty.

If that's the case...now I will definitely not open an account with Peoples Trust Company. In fact, if I worried about any Canadian bank (which I don't currently)...this would be the one!

Cheers,
Doug

I did not know about the ownership of Peoples myself until Andreas' question prompted my curiosity. I had always thought it a bit odd that it was privately held, and was not comfortable with that, but had not bothered to research it. 3% had a very soothing effect while it lasted!

I can't find the link I used before, but here is another one which makes the ownership very clear. http://ghermezian.com/

The other link, the one I cant find at the moment, led me to the Wikipedia entry for something called Triple Five Group, which appears to be the umbrella name for several of their ventures.

We began moving our TFSAs out of PT last week, coincidentally. Not a moment too soon! The TFSA was the only thing they were really good for, but that is over now and I am glad to be decluttering my "bank collection"!