Before we begin the article, let us first understand what are Financial Services in business sectors. Financial Services in business sectors are the services provided by the government for the financial needs and requirements of the citizens. These financial services that are provided to the people by the government of a country are known as Economic Services. 

The institution or sector through which the government works to provide these economic financial services are called Banks. These banks provide the citizens – their customers, with an extensive array of services such as – Banking, Credit and Debit Cards, Insurance, Investing, Mortgage, Tax and Audit Consultation, Mutual Funds and Stocks, Accounting, etcetera. 

Concerning Small and Medium-Sized Businesses in a country, when and if in need and require financial support, resources, and aid, they approach Banks for business-related financial services such as – Personal Banking, Equipment Financing, Wealth Management, and Trust Services, to maintain their growth, operations, management of cash flow, investments and continue to provide exceptional services to their clients and customers. 

Therefore, in this article, we shall explore the journey of one such financial institution which by the guidance of its leaders has left a mark in the industry as a successful and rapidly growing provider of specialized financial services to SMBs. 

CEO – Chris Fowler:

The founders of The Canadian Western Bank (CWB) were Dr. Charles Allard and Eugene Pechet, in the year 1984. The bank’s goal was to focus on the area of commercial banking business services for localized businesses and industries. Currently, the CEO Chris Fowler is the President and Non-Independent Director of the Canadian Western Bank, who took on this leadership role in the year 2013. Having worked in other leadership roles within the organization since 1991, the current CEO has much experience, skills, and talent needed to run such a rapidly growing organization and to successfully compete against the other six big banks of Canada. 

Although Chris Fowler aims to not compete with the six big banks of Canada, he says that he envisions the Canadian Western Bank to provide its clients and customers with a more different, diversified, and specialized range of services that would bring them closer to their target market which are commercial businesses.  

Canadian Western Bank (CWB):

Canadian Western Bank (CWB) is a Canadian business banking solutions institution. Its headquarters are situated in Edmonton, Canada, in the Alberta Province. The Canadian Western Bank initially started as a small branch but now has become a large organization with branches located across Canada. 

The Canadian Western Bank’s target market is providing commercial banking services to Small and Medium-Sized companies as the organization feels that these commercial business sectors are less involved with banks in general. Hence to make a difference and offer these business sectors good banking solutions, CWB’s balance sheet reports always have an 80% engagement with commercial banking. 

The various business services that are provided by CWB target their SMBs on the following attributes – General Commercial, Equipment Financing and Leasing, Equipment and Construction Financing, Commercial Real-Estate Financing, and Real-Estate Construction and Project Financing. CWB also provides its target demographic with the following personal banking services to help in providing the needed and required resources and financial aid – Loans, Mortgages, Investment Products, Cheques, and Savings Accounts. 

The various companies under Personal Banking, Equipment Financing, Wealth Management, and Trust Services that are offered by The Canadian Western Bank’s Financial Group are as follows – Banking (Motive Financial and Canadian Western Bank), Lending (CWB Optimum Mortgage, CWB Franchise Finance, CWB Equipment Financing, CWB National Leasing, and CWB Maximum Financial), Wealth (Canadian Western Financial and CWB Wealth, and lastly Trust (CWB Trust Services). 

To Conclude:

The Canadian Western Bank (CWB) provides its specialized and diversified range of services for Small and Medium-Sized Businesses (SMBs) in Canada, primarily for the commercial business sectors. Established in 1984, the organization has grown rapidly with the leadership management of the current CEO – Chris Fowler, who managed to successfully branch out across Canada establishing specific branch facilities for target clients and business owners. Now a financial institution that has been federally regulated with a national presence, the Canadian Western Bank has secured award-winning achievements over the years, and recently in ‘2022-23 Great Places to Work’, ‘2022 Impact Award for AI and Advanced Analytics by Aite Novarica’, and ‘2020-22 Waterstone Canada’s Most Admired Corporate Cultures’.