Jameson becomes Canada's newest Schedule I bank

    TORONTO, July 24 /CNW/ - Canada's newest government-chartered Schedule I
bank is by no means a newcomer to the financial services sector.
    On July 22nd, the Canadian government awarded a charter to Jameson Bank
that makes the Toronto-based institution one of only 22 Schedule I banks in
Canada, the first treasury bank in the nation and the first privately-owned
(non Co-op) Schedule I bank in Ontario.
    For the past 19 years, the institution has been doing business as Jameson
International Foreign Exchange Corporation, helping business clients manage
the risks of foreign currency fluctuations. Now, as Jameson Bank, it is
cleared to provide a more comprehensive range of treasury services. With its
expertise in foreign exchange and cash management, Jameson also intends to
assist the charitable sector.
    "Earning our charter as a Schedule I bank is a great honor and is the
culmination of many years of proving ourselves in the financial services
industry," said James Lau, Jameson's president since the institution's
    "We earned our reputation over the past two decades on the basis of
expertise and integrity, as well as our highly personalized service to our
business clients. We will be carrying that same philosophy into our new role
as a Schedule I bank," said Lau.
    Lau noted that one of the bank's assets going forward is what he termed
an "extraordinarily accomplished" group of men and women who are serving on
Jameson Bank's board of directors and advisory board.
    "These directors and advisors represent achievement at the very highest
levels of business and civic life. They bring to Jameson Bank wisdom that will
help guide our strategy and give our customers a high level of confidence in
the knowledge resources that are available to us," said Lau.

    Jameson Bank's board of directors includes:

    John P. Horwood - First vice president and founding partner in Toronto of
Richardson Partners Financial, Ltd.; formerly vice president and investment
advisor at RBC Securities and former vice president and director at Richardson

    Donald M. Macpherson, C.A. - President of D.M. Macpherson and Associates,
Inc.; active for 30 years in policy and legislative issues relating to
supervision of financial institutions and advisor to successive governments on
structure and governance during two major revisions of Canadian banking
legislation and regulation; served as Deputy Superintendent of financial
institutions at the Office of the Superintendent of Financial Institutions
("OSFI") from 1987 to 1991.

    John P. Rochon - Founder and chairman of Richmont Holdings, which has
invested in and owned companies across a wide range of industries over several
decades; formerly chairman of Mary Kay Inc. and an authority on finance,
operations and marketing;

    Jeffrey C. Royer - Private investor from Toronto, manages a portfolio of
investments and active in charitable work; General Partner of the Arizona
Diamondbacks, Chairman (elect) of The International Fellowship of Christians
and Jews, controlling shareholder of Galtronics Corporation, board member of
Shaw Communications, and other for profit and non-profit entities;

    Donald E. Simmonds - Former chairman and founder of Air IQ, Inc.; a
long-time entrepreneur in renewable energy and the technology and
telecommunication industries who has founded and led more than 20 startup

    Michael Van Pelt - President of the Work Research Foundation, a
Canadian-based public policy think tank; Strategic advisor consulting for
numerous companies across North America;

    Serving as members of Jameson Bank's advisory board are:

    G. Raymond Chang - Chairman of the Board of Trustees, CI Financial Income
Fund, one of Canada's three largest investment funds with over $100 billion in
assets; Supporter of the University Health Network, making possible the
creation of the Gladstone and Maisie Chang Chair in Teaching of Internal
Medicine and a fellowship that supports physician training in the West Indies;
Governor of the Royal Ontario Museum; Chancellor of Ryerson University, where
the G. Raymond Chang School of Continuing Education was named in his honour;

    Lois Tullo, C.A. - Lecturer in York University's MBA program,
specializing in financial services and risk management; Managing director of
Research Working Group Associates management consulting firm; former CFO and
VP of Finance at CIBC Finance, Inc., managing up to $6 billion of loan
portfolio; former Director of Performance Management and also Accounting and
Financial projects at Unitel Communications; former manager at Nolan, Norton
Canada, KPMG Peat Marwick; former interim director of Food for the Hungry
International in Ethiopia; helped redesign business systems within Trans
Canada Pipeline Ltd.

    Jameson Bank is a member of the Canada Deposit Insurance Corporation and
will be a member of the Canadian Payments Association.

    Jameson Foreign Exchange Corporation was founded in 1989 in Toronto. It
currently has offices in Toronto, Burlington, London, Ottawa, Montreal and

    Lau said that a formal launch will take place this fall, with
announcements of new product offerings and customer service options.

For further information:

For further information: NEWS MEDIA CONTACT: Cecilia MacDougall, (416)
643-7386, cecilia.macdougall@JamesonBank.com

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