Date Published:
January 2005

L’Encyclopédie de l’histoire du Québec / The Quebec History Encyclopedia

Bank of British North America

Bank of British North America, a bank founded in 1836 by a group of British capitalists interested in the development of the British North American colonies. Between 1836 and 1840 it opened up a banking business in the Canadas, New Brunswick, Nova Scotia, and Newfoundland ; but it found it inconvenient to operate under different provincial statutes, and in 1840 it applied for, and obtained, a royal charter. It had at this time the largest paid-up capital of all banks in Canada ; and for a time its services were, with those of the Bank of Montreal, used by the government. In 1862 the bank established branches in British Columbia, operating under its royal charter. But after Confederation it was gradually outstripped in importance by banks with headquarters in Canada ; and in 1918 it was absorbed by the Bank of Montreal.

Source: W. Stewart WALLACE, ed., The Encyclopedia of Canada, Vol. I, Toronto, University Associates of Canada, 1948, 398p., p. 165.