The acquisitions, and other deals in the credit union space, reduce the number of options for consumers in Western Canada, Vancity’s CEO Wellington Holbrook said
Vancity, Canada’s largest credit union, is looking to fill gaps in small and niche markets after two of the country’s big six banks made large acquisitions in Western Canada, the chief of the Vancouver-based financial institution said in an interview. in an interview.
Had they not been acquired, HSBC would have been the largest headquartered financial institution in British Columbia while Canadian Western Bank would have been one of the largest in the region. Canada’s banking space is largely dominated by the big six banks while smaller banks and credit unions hold a small share of the market focusing on specific provinces.
He said 2025 will be the year of investing to build its technology platforms to capture market share in everyday banking, small and medium sized business banking in British Columbia.
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