Canada’s first private bank approved for owner of Millennium Insurance

Don Wheaton, owner of a chain of General Motors dealerships across Western Canada, as well as Millennium Insurance, has been granted federal approval to start up Canada’s first private bank.The Office of the Superintendent of Financial Institutions (OSFI) and federal Finance Minister Ralph Goodale have approved a charter for the Wheaton Group of Companies to start up General Bank of Canada, the first privately-held Canadian bank not owned by a publicly-traded corporation or credit union.The charter is the result of new bank ownership rules put in place in 2001 by the federal government. A Wheaton release says General Bank of Canada is expected to commence operations within the next 90 days.Along with Alberta-based direct personal lines insurer Millennium Insurance, Wheaton Group also owns life insurer First Canadian Insurance Corp. They are also the largest GM dealer in Canada.