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Pacific &; Western Bank announces services agreement with Royal Bank

^{Published on 2011-03-23 11:45:31 - Market Wire}
 

LONDON, ON, March 23 /CNW/ - David Taylor, President & C.E.O. of Pacific & Western Credit Corp. (TSX:PWC), is pleased to announce that Pacific & Western Credit Corp.'s wholly-owned subsidiary, Pacific & Western Bank of Canada ("PWBank"), has signed a services agreement with the Royal Bank of Canada ("RBC"). The purpose of the services agreement is to set forth the parameters within which RBC will provide cheque clearing and electronic funds transfer ("EFT") capabilities to PWBank's customers and partners as required to support new, up-coming initiatives that require this functionality.

"We are very excited at the prospect of working with a partner like RBC. RBC brings a wealth of experience in the provision of cheque clearing, settlement and EFT services to their customers and to other financial institutions. Their excellent track record and substantial national presence across Canada makes them an ideal partner for our bank as we move ahead with providing innovative financial solutions to our customers", said David Taylor.

RBC is a leading North American financial institution with nearly 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 51 other countries.

PWBank, a Schedule I chartered bank, is a branchless financial institution. It specializes in providing loan and lease financing to niche markets throughout Canada, primarily made up of well-established corporations and public sector entities, often utilizing existing distribution channels.

Pacific & Western Bank of Canada is wholly owned by Pacific & Western Credit Corp., whose shares trade on the TSX under the symbol PWC.

Investor Relations: Wade MacBain, Director (800) 244-1509, [ wadem@pwbank.com ];

Public Relations & Media: Tel Matrundola, Vice-President, (866) 787-9936, [ telm@pwbank.com ]

To receive company news releases, please contact: Carla McPhee at [ carlam@pwbank.com ], (519) 675-4204