In the late 1990s, Canada Trust was the largest trust and loan financial institution in Canada, based on total assets and was a 100% owned subsidiary of CT Financial Services Inc, 98% of whose common shares were owned by Imasco Limited. The Trust and Loan Companies Act requirement of 35% public ownership was satisfied by the issue of preferred shares with a provision for voting rights.
In 2000, Canada Trust was acquired by TD BANK FINANCIAL GROUP in an $8 billion transaction. The addition of Canada Trust's more than 400 branches helped the newly renamed TD Canada Trust become Canada's largest retail banking network at that time.
Author ERIC W. DALY Revised: ALIX GRANGER
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