Timeline
- March 28, 2024RBC completes its acquisition of HSBC Bank Canada. Branches reopen as RBC on April 1, 2024. Profile
- April 30, 2024Santander Consumer Bank incorporated as a Schedule II bank.
- January 8, 2025Fairstone Bank and Home Trust combine under the Fairstone Bank parent. Profile
- February 3, 2025National Bank completes its acquisition of Canadian Western Bank, merging it on March 1, 2025. Profile
- March 26, 2025motusbank wind-down announced; lending moves to Meridian (May 1, 2025) and deposits to Coast Capital (November 1, 2025). Profile
- November 1, 2025Questbank begins operating as a new Schedule I bank.
- December 1, 2025Vancity merges with First Credit Union. Profile
- January 1, 2026Conexus, Cornerstone and Synergy credit unions amalgamate as Conexus. Profile
- April 1, 2026First West Credit Union becomes Tru Cooperative Bank, a federal credit union; ABCU merges into Innovation Federal Credit Union. Federal credit unions
- May 6, 2026Prospera and Sunshine Coast merge into Coast Capital, moving to CDIC coverage. Profile
- July 1, 2026EQB completes its acquisition of PC Financial (President’s Choice Bank). Profile
- November 1, 2026target / forecastScheduled (no closing announcement seen as of Nov 1, 2026): Fairstone Bank acquires Laurentian Bank, and National Bank acquires Laurentian’s retail and small-business portfolios. Not closed as of October 30, 2026. Profile
What a merger means for your deposits
When two CDIC members become one legal entity, their limits merge too: deposits that were separately insured at each now share one set of limits. When a bank is bought but stays a separate legal entity — as President’s Choice Bank did under Equitable Bank, and Tangerine under Scotiabank — it remains a separate CDIC member. When a credit union moves from a provincial insurer to CDIC, transitional coverage usually applies for a period.
Look up each name in the CDIC member directory, then re-run the deposit insurance calculator if you hold deposits at both of the combining institutions.
Who approves a bank merger in Canada?
The Minister of Finance. Under the Bank Act, all acquisitions and amalgamations in Canada’s banking sector need the Minister’s approval. OSFI runs the application process and makes a recommendation, and the Competition Bureau can review the competition effects. For National Bank’s purchase of Canadian Western Bank, the Department of Finance also held a public consultation.
The Minister weighs all relevant matters, including:
- the rights and interests of consumers, business customers and employees;
- the effect on competition in the sector;
- whether the deal is in the best interests of the financial system;
- financial stability and public confidence;
- whether people in the affected regions will be served.
Is my money still insured after a merger?
Yes, if the institution is a CDIC member — but your limits can change. When HSBC Bank Canada amalgamated with RBC in 2024, and Canadian Western Bank with National Bank in 2025, CDIC said deposits each customer held before the merger stayed insured separately for two years, or until maturity for term deposits. That separate coverage shrinks as you withdraw money or as GICs mature or are redeemed.
New money is treated differently. CDIC said that if your pre-merger deposits in a category already totalled $100,000 or more, new deposits in that category at the merged bank would not be insured. If they totalled less, new deposits are added and the total is insured up to $100,000.
Worked example: two banks become one
An illustration with round numbers. Before the merger, Priya had $80,000 in savings at Bank A and $70,000 in savings at Bank B, both in her own name.
| Period | Insured | Not insured |
|---|---|---|
| Merger day to two years | $150,000 — each old balance insured separately | $0 |
| New $10,000 deposit during the two years | Not insured — her pre-merger total was already over $100,000 | $10,000 |
| After two years (original $150,000) | $100,000 — one single-name limit | $50,000 |
Withdrawals count too. If Priya takes $20,000 out of the old Bank B savings, separate coverage on that balance drops to $50,000. To stay fully insured after two years, she could move $50,000 to a different CDIC member before the window closes. Model your own case with the deposit insurance calculator.
What if only part of a bank is sold?
Not every deal is an amalgamation. Sometimes a buyer takes over a bank but keeps it as a separate legal entity, which stays a separate CDIC member — as President’s Choice Bank did under EQB. Sometimes a buyer takes over only some accounts, as National Bank agreed to do with Laurentian Bank’s retail and small-business portfolios. In those cases, read the notices your bank sends and look up both names in the CDIC member directory.
Checklist after your bank merges
- Read every notice
Note the dates for changes to account numbers, cards, cheques, online banking and branches. - Check your coverage dates
Find when separate coverage ends for your deposits, and when each GIC matures. - Update payments if details change
If your account or transit number changes, give the new details to your employer, the CRA, Service Canada and billers. The bank-switching checklist helps. - Review the fees
Compare your new account against alternatives in the true-cost finder. - Keep records
Save statements from just before and just after the merger.
Common mistakes
- Expecting two limits after a merger because you still see two brand names.
- Adding new money to the merged bank when you’re already over $100,000 in that category.
- Missing the end of the two-year window.
- Throwing away the notice letters.
Questions to ask the merged bank
- Will my account, transit or card numbers change, and when?
- Will my direct deposits and pre-authorized debits move over automatically?
- Will my branch stay open?
- Do my GIC terms and rates stay the same until maturity?
- How does CDIC coverage apply to my deposits, and until what date?
Also gone from the lists
- Credit Suisse AG, Toronto Branch applied in 2024 for release of its Canadian assets and no longer appears on OSFI’s list. Profile
- Exchange Bank of Canada gave notice of continuing out of the Bank Act and is no longer on OSFI’s list.
We date every change and re-check the official lists. If a date here is marked expected, it hadn’t happened when we last looked.
Frequently asked questions
Is HSBC still in Canada?
HSBC Bank Canada was acquired by RBC on March 28, 2024 and no longer exists as a separate Canadian bank.
What happened to Canadian Western Bank?
National Bank completed its acquisition on February 3, 2025 and merged CWB into National Bank on March 1, 2025.
Who is buying Laurentian Bank?
Fairstone Bank of Canada is acquiring Laurentian Bank’s shares, and National Bank is acquiring its retail and small-business portfolios. Both were expected to close on November 1, 2026.
How long are deposits insured separately after two banks merge?
In recent CDIC member amalgamations, CDIC said pre-merger deposits stayed insured separately for two years, or until maturity for term deposits, reduced by any withdrawals.
Who approves bank mergers in Canada?
The Minister of Finance approves all bank acquisitions and amalgamations under the Bank Act, on OSFI’s recommendation; the Competition Bureau may also review the deal.
Can I leave if I don’t like the merged bank?
Yes. You can move to any institution; see how to switch banks in Canada for the steps.
Educational information only, not financial, legal or tax advice. CanadianBanks.ca is independent and is not affiliated with, endorsed by or paid by any institution listed. Confirm details with the institution and the official sources linked on each page before you act. Read the full disclaimer.