Canadian Stocks/Bank of British Columbia Common Shares
I have a small number of common shares in the name of Bank of British Columbia. This bank was taken over by the Hong Kong Bank of Canada in 1986 which is now HSBC. HSBC was not helpful and gave me a International Phone number that could not be reached. I think the securities division was sold to National Bank Financial and in turn has been sold to ComputerShare.
Can you please offer some suggestions or leads as to how I might resolve this problem. Thanking you in advance for your kind attention in this matter.
N J Davis
Norm, from the information I have available, the Bank of British Columbia common shares were not sold to HSBC. Instead, the bank's assets were sold to HSBC for cash in 1987, and the common stock was subsequently acquired by Canadian Western Bank in 1996. BC Bancorp shareholders received either $0.40 cash per share, or 0.035 of a Canadian Western share for each BC share, with the choice at the shareholder's discretion. However, in order to receive shares and not cash, the common shareholder was required to have at least 29 BC Bancorp shares. Otherwise, they were automatically converted to cash. Any shareholder of more than 29 BC shares who did not make an election received Canadian Western common shares.
As a common shareholders, you are contacting the wrong bank. You need to contact Canadian Western, which is still around. You can try contacting the bank directly (www.cwbank.com), but I suggest you try their current transfer agent first (www.valianttrust.com).