Canadian Western Bank Further Expands in Ontario

Canadian Western Bank (TSE: CWB) announced Wednesday it will open new banking centers in Markham and Toronto over the next six to 14 months.

CWB first introduced its specialty banking services in Mississauga, Ontario in 2020. The bank’s lending in Ontario has grown steadily over the past few years, with annual lending growth of 10% in its last fiscal year.

CWB’s new Markham location is scheduled to open this summer. The new Toronto Financial District banking center and regional office at 141 Adelaide Street West is scheduled to open in the spring of 2023.

Management Commentary

Stephen Murphy, Executive Vice President, Banking, said, “Like many of our clients, CWB is growing. We’re bringing better business banking to target markets and industries across Ontario where owners and decision makers can benefit from our deep industry expertise and our proactive, personalized service. Markham and Toronto’s culturally diverse, pro-business communities are absolutely where we think we can offer a compelling alternative for business owners over our competitors.”

Wall Street’s Take

On February 15, TD Securities analyst Mario Mendonca kept a Buy rating on CWB and set a price target of C$47. This implies 20.1% upside potential.

The rest of the Street is bullish about CWB, with a Strong Buy consensus rating based on eight Buys and two Holds. The average Canadian Western Bank price target of C$43.33 implies 10.7% upside potential to current levels. 

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