The Banque Canadienne Nationale was a

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

based in the province of

Quebec Quebec ( ; )According to the Canadian government, ''Québec'' (with the acute accent) is the official name in Canadian French and ''Quebec'' (without the accent) is the province's official name in Canadian English is one of the thirtee ...

, Canada. It was formed in 1924 from the merger of the Banque d'Hochelaga and the Banque Nationale, and operated until 1979, when it became part of the

National Bank of Canada The National Bank of Canada (french: Banque Nationale du Canada) is the sixth largest commercial bank in Canada. It is headquartered in Montreal, and has branches in most Canadian provinces and 2.4 million personal clients. National Bank is the ...

History

In 1859, several prominent Quebecers founded the Banque Nationale in

Quebec City Quebec City ( or ; french: Ville de Québec), officially Québec (), is the capital city of the Provinces and territories of Canada, Canadian province of Quebec. As of July 2021, the city had a population of 549,459, and the Communauté métrop ...

as a banking institution controlled by

French French (french: français(e), link=no) may refer to: * Something of, from, or related to France ** French language, which originated in France, and its various dialects and accents ** French people, a nation and ethnic group identified with Franc ...

-speaking businessmen.Jean-Marie Lebel.
Le Vieux-Québec: guide du promeneur
'. Les éditions du Septentrion; 1997. . p. 72–. In 1924, the Banque Nationale, which was struggling financially while caught-up in a serious recession,
Legacy: How French Canadians Shaped North America
'. McClelland & Stewart; 8 November 2016. . p. 86–. merged with the Banque d'Hochelaga (founded in

Montreal Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...

in 1874) to create the Banque Canadienne Nationale (BCN, Canadian National Bank).
Québec, 1900-2000: le siècle d'une capitale
'. Éditions MultiMondes; 2000. . p. 79–. The Quebec provincial government, under Alexandre Taschereau, issued $15 million in bonds to facilitate the merger.
Les grands débats parlementaires, 1792-1992
'. Presses Université Laval; 1994. . p. 292–. Like the other Canadian chartered banks, BCN issued its own paper currency until the

Bank of Canada Act The ''Bank of Canada Act'' (the Act) is a statute that sets out the governance structure and powers of the Bank of Canada, which was created in 1934 as Canada's central bank. Prior to 1934, Canada had no central bank and fragmented control of t ...

of 1934 created the

Bank of Canada The Bank of Canada (BoC; french: Banque du Canada) is a Crown corporation and Canada's central bank. Chartered in 1934 under the ''Bank of Canada Act'', it is responsible for formulating Canada's monetary policy,OECD. OECD Economic Surveys: Ca ...

and it relinquished this right. In 1968, Banque Canadienne Nationale was one of the four original banks to form CHARGEX Ltd. through a licence from

BankAmericard Visa Inc. (; stylized as ''VISA'') is an American multinational financial services corporation headquartered in San Francisco, California. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded cred ...

, providing Canada with its first interbank credit card.Sean Hickey.
Confessions of an International Banker
'. Trafford Publishing; 8 March 2013. . p. 46–. In 1979, Banque Canadienne Nationale and the

Provincial Bank of Canada The Provincial Bank of Canada (French: ''Banque provinciale du Canada'') was a Quebec-based bank in Canada that was the product of mergers between the Banque Jacques-Cartier (1861), the Banque d'économie de Québec (1848), the Banque populaire d ...

(Banque provinciale du Canada), another Quebec-based bank, joined to form the

.
Canada Since 1945: Power, Politics, and Provincialism
'. University of Toronto Press; 1989. . p. 299–.

References

*
Banque canadienne nationale, 1874-1974: cent ans d'histoire
'. Banque Canadienne Nationale; 1974. {{Authority control Defunct banks of Canada Banks established in 1859 Banks disestablished in 1979 1979 disestablishments in Quebec National Bank of Canada Canadian companies established in 1859 1859 establishments in Quebec Canadian companies disestablished in 1979

History

See also

References