Pacific & Western to Participate in $44.9 Million Hamilton Health Sciences' Redevelopment Project

    LONDON, ON, Nov. 1 /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 (the
"Bank"), will provide approximately $20 million in financing for the
redevelopment by EllisDon Corporation of the Hamilton General Hospital under
Infrastructure Ontario's Alternative Financing and Procurement Program. The
CIBC is also participating in financing this redevelopment project.
    The redevelopment project includes the addition of a new three-storey
100,000 square foot ambulatory and outreach services building and the
consolidation of the Acquired Brain Injury and Rehabilitation services from 14
different buildings to one site.
    David Taylor stated that, "We are pleased to once again team with
EllisDon and assist Hamilton Health Sciences in providing more effective
health services to the expanding Hamilton community."

    Pacific & Western Bank of Canada, a Schedule 1 chartered bank, is a
branchless financial institution with $1.3 billion in assets. The Bank was
formed to provide innovative financing to large corporate and government
entities including hospitals, school boards, universities and colleges,
municipalities and provincial and federal government agencies. With no retail
operations or store fronts, the Bank is one of the most efficiently operating
financial institutions in Canada. These overhead savings translate into very
competitive rates for our clients.
    Pacific & Western Bank of Canada is wholly owned by Pacific & Western
Credit Corp., whose shares trade on the TSX under the symbol PWC.

    To receive company news releases via e-mail: Karen McConnell, (519)
    Further information on PWC is available through Pacific & Western's
corporate web site at

For further information:

For further information: Investor Relations: Bruce Schruder, Vice
President, Investor Relations & Marketing, (800) 244-1509,; Public Relations & Media: Tel Matrundola, Vice
President, Public & Strategic Initiatives, (416) 203-0882,

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Pacific & Western Credit Corp.

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