Western Financial ready to open banking arm

Broker consolidator Western Financial Group says it is ready to roll into the business of banking with the announcement that the federal regulator has given it an “Order to Commence and Carry on Business”. The order is the last hurdle in getting the new “Bank West” operation up and running, following the receipt of its charter last November. Bank West has also been accepted to the Canadian Deposit Insurance Corporation.Western Financial anticipates banking operations will commence by January 30 in the provinces of B.C., Alberta and Saskatchewan.The bank begins operations with $7.5 million in tier one financing.