A new bank aimed at the Chinese-Canadian community has launched. Wealth One Bank, based in Toronto, offers clients high-interest savings accounts, residential mortgages and GICs, as well as RRSPs and tax-free savings accounts.
Wealth One received its Schedule I banking charter from the Office of the Superintendent of Financial Institutions in July, and is offering its products and services online, by phone, and in person through locations in Toronto, Markham, Ont. and Vancouver.
The bank was founded by a group of Chinese-Canadian entrepreneurs led by Shinglen Xian, who is the bank’s director and vice-chairman. Xian is the president of advisory firm Shenglin Financial Group Inc. in Toronto, and an insurance advisor with London Life Insurance Co.
“With the tremendous growth we’ve seen in the Chinese-Canadian community, the opening of Wealth One presents a significant opportunity and an historic moment for our community,” Xian said in an announcement.
The bank’s CEO is Charles Lambert, a banking industry veteran, who worked most recently at the Bank of Nova Scotia
“At the heart of this bank is a team with a deep knowledge and respect for Chinese value and culture,” Lambert said, “and frontline financial services managers who are fluent in Chinese and English.”
Zool Samji is director and chairman of Wealth One. Samji is former CEO and president of Dundee Bank, and former president and CEO of Confederation Trust Co.
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