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Canada’s newest federally chartered bank announced its launch this week, touting itself as the first institution of its kind specifically focused on the Chinese-Canadian community.

Wealth One Bank of Canada aims to become the “preferred bank among Chinese-Canadians,” said CEO and president Charles Lambert.

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A release this week announced the opening of Wealth One’s offices in Vancouver and the Greater Toronto Area, “with an eye on cross-country expansion in the years to come.”

“It’s a long application process,” Lambert said Thursday of the bank’s five-year journey to this week’s announcement. “New banks are not created every day.”

Wealth One is open to all Canadians, with a particular focus on the Chinese-Canadian community, said the self-described “career banker” with decades of industry experience with the Scotiabank and RBC, who added he was not aware of any existing federally chartered Schedule I bank in Canada with such a focus.