In 1927, Barclays Bank Ltd in conjunction with Barclays Bank (DCO) set up an investment company called Barclays Canada Ltd to meet the requirement of Canadian law about foreign ownership. The investment company provided the capital for Barclays Bank (Canada) Ltd which opened a branch at Montreal in 1929. As no great gains were made and were unlikely in view of exchange control restrictions, an arrangement was made in 1956 with Imperial Bank for Barclays to receive 10% of the capital of Imperial in return for the whole capital of Barclays Bank (Canada). The holding company, Barclays Canada Ltd remained, and in 1974, reopened to deal in the wholesale banking market. In 1981 foreign banks were allowed to receive charters, and a re-formed Barclays Canada was among the first group of foreign banks to receive a charter. In 1989 Barcanada was reorganised into a commercial banking division and a corporate banking division. Barclays again withdrew from Canada in 1994-96.
Material available at Group Archives:
- London Committee minutes and papers to 1956
- accounting records
- shareholders' committee minutes
- branch statistics
- manuscript history of Bank 1958