Pacific & Western Bank of Canada (TSX: PWB) is pleased to announce that Honourable Thomas A. “Tom” Hockin, PC, has been re-appointed Chair of the Board of the Bank. Mr. Hockin previously served as a member of the Bank’s board from June, 2005 and as Chair of the Bank’s board from November, 2008 until he became Executive Director of the International Monetary Fund representing Canada, Ireland and the Caribbean in November, 2009. Mr. Hockin brings to the Bank a wealth of pertinent experience from both the public and private sectors.
Mr. Hockin served as Federal Member of Parliament for the riding of London West from 1984 to 1993; Minister of State, Finance (1986-1989); Minister of Small Business & Tourism (1989-1993); and, Minister of International Trade (1993). After leaving politics, Mr. Hockin served as President & CEO of the Investment Funds Institute of Canada and the Canadian Institute of Financial Planning. From 2007 to 2009, he chaired the Federal Expert Panel on Securities Regulation.
Mr. Hockin earned an Honours, B.A. in Business Administration from the University of Western Ontario, and a M.P.A. and Ph.D., both from Harvard University. He has been a Lecturer at Harvard University, as well as a Professor at both the University of Western Ontario and York University. Mr. Hockin is a graduate of the Director Education Program of the Institute of Corporate Directors.
David Taylor, President & CEO of the Bank stated: “I am very pleased that Tom has rejoined our Bank’s board as he brings a great deal of experience from both the public and private sectors, which will, no doubt, play an important role in the Bank’s return to growth and prosperity. I would also like to thank Mr. Scott Ritchie for serving as Chair of the Board during a most challenging time for the Bank and its industry. Scott’s dedication and guidance were instrumental in our Bank weathering the turbulence of the liquidity crisis and evolving into a more diversified and stronger Bank. I am very pleased that Mr. Ritchie will continue to serve on the Bank’s board as Chair of the Risk Oversight Committee.”
About Pacific & Western Bank of Canada
Pacific & Western Bank of Canada, a Canadian Schedule I bank, is a branchless financial institution that raises deposits through a network of deposit brokers located across Canada. The Bank invests these deposits in loans, leases, commercial mortgages, residential development mortgages, and debt of corporations. Headquartered in London, Ontario, the Bank was granted its Schedule I license under the Bank Act (Canada) on August 1, 2002, prior to which the Bank had operated as a provincially licensed trust company since 1979.
Pacific & Western Bank of Canada’s Common Shares trade on Toronto Stock Exchange under the symbol PWB.