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Independent topical source of current affairs, opinion and issues, featuring stories making news in Canada from immigrants, newcomers, minorities & ethnic communities' point of view and interests.

Founding Shareholders: Chinese and Bank

founding shareholders: According to a statement, the bank will be open for all Canadian citizens and permanent residents, but they operate with "a deep knowledge and respect for Chinese values and culture." "It was really about some of our founding shareholders — who are very well known in the Chinese community — they thought there would be an opportunity to provide a banking alternative in the community," said Charles Lambert, the CEO of Wealth One. "Our primary focus is to, over time, become the preferred bank of Chinese Canadians," he said, according to CBC. Lambert says the bank will offer services in Cantonese and Mandarin, and that frontline staff will be members of the Chinese Canadian community. Wealth One Bank of Canada is a new national Schedule I Bank that aims to be the preferred banking choice for all Chinese Canadians. The banks initial offerings include savings accounts, term investments, and residential and commercial mortgages lending — services that Wealth One research suggests resonates with the Chinese Canadian community, according to Lambert. About 70 per cent of which are immigrants. Chinese bank claims fugitive bought luxury B.C. real estate House keys sent to the bank Your thoughts on mortgage defaults Bank of Canada says economic conditions don't warrant rate change Cultural financing Robin Brown, vice president of Dig Insights and author of Migration Nation: A Practical Guide to Doing Business in Globalized Canada, spoke with CBC BC Almanac guest host Andrew Chang to discuss Wealth One announcement. "It certainly make business sense," said Brown. "Chinese Canadians have specific needs across a range of services — financial services more so than others." According to Statistics Canada, roughly 4 per cent of Canada population are of Chinese descent, accounting for 1.32 million residents. (www.immigrantscanada.com). As reported in the news.