1886-1925

Quebec City, Quebec

This bank commenced business in 1865, under a provincial charter as the Union Bank of Lower Canada; the name was changed to the Union Bank of Canada in 1886. In 1911 the bank acquired the United Empire Bank of Toronto, and the following year it moved its head office to Winnipeg. It was the first chartered bank to open a branch in Alberta. At its peak the bank had 329 branches, with good representation in western Canada. In 1906 negotiations with the Royal Bank of Canada began, but fell through. However, in May 1925, the Royal Bank concluded an agreement with the directors of the Union Bank to purchase that bank for a consideration of 40,000 shares of Royal Bank stock at a par value of $100 each. After all necessary formalities, the purchase was completed and the actual transfer took place on September 1, 1925.

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