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| Type | Bank |
|---|---|
| Founded | Vancouver, British Columbia, 1997 |
| Headquarters | Vancouver, British Columbia |
| Key people | Jason Farris - CEO |
| Industry | Financial Institution |
| Products | Financial services |
| Employees | 380 |
| Website | http://www.citizensbank.ca/ |
- Several banks are commonly known as Citizens Bank.
Citizens Bank of Canada is a British Columbia, Canada-based virtual bank owned by Vancouver City Credit Union (Vancity). From 1997 until 2009 Citizens Bank offered personal and business banking services over the internet. On August 5, 2009, Citizens Bank announced that it will focus its operations on Visa card services, and foreign exchange services for non-retail members, and will leave the personal banking marketplace. Citizens Bank will become a non-deposit-taking bank.[1] Vancity has entered into an agreement to sell its residential mortgages, personal loans and real estate secured lines of credit to the Toronto-Dominion Bank. Savings and chequing accounts of B.C. customers will be transferred to Vancity in B.C., or to another financial institution of their choice. Customers outside of B.C. will have to transfer their accounts to other financial institutions.
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Boutiques
Citizens Bank operated three boutiques, one each in Calgary, Vancouver and Toronto where members and the public could find out more information about and apply for the bank's products.[2]
Products offered
Personal
- Visa cards, including the Amnesty International Visa (also carried by Desjardins)
Business
- Commercial mortgages
- Foreign currency exchange
- Term deposits
As a chartered financial institution, deposit accounts are insured by Canada Deposit Insurance Corporation (CDIC).
Social responsibility
Citizens Bank incorporates its ethical policy[3] into doing business, so as to ensure they do business in a socially responsible manner.
This policy covers five key areas:
- ethical business practices
- environmental leadership
- respect and fair treatment
- healthy communities
- peaceful communities
On April 9, 2008, Citizens Bank of Canada became the first North American bank to become fully carbon neutral, as announced publicly by David Suzuki. They also administer hockeystars.com, an online community site for players, coaches and supporters of amateur hockey.
References
External links
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