Encountering "bank robbery", Chinese banker
Author: Zheng Aotian
·Canadian Chinese banker Xian Shenglin.
When Xian Shenglin founded Canada's First Wealth Bank, he would never have thought that seven years later today, he would be forced to hand over his lifelong efforts to others.
The Canadian First Wealth Bank, headquartered in Toronto, Canada, was once hailed by local media as a "new milestone in the century long struggle of Chinese people in Canada.". Chinese founder and founding president Xian Shenglin started his business in insurance, and the other two founding shareholders of Chinese descent are grocery store giant Ouyang Yuansen and real estate developer Chen Maohua.
·From left to right, there are Xianshenglin, Ouyang Yuansen, and Chen Maohua, respectively.
Now, all three people are required by the Canadian government to sell all shares of the bank. The instruction was given by Christina Freeland, Deputy Prime Minister and Minister of Finance of Canada. The Chinese community commonly refers to her Chinese name as Fang Huilan.
![Encountering "bank robbery", Chinese banker](https://a5qu.com/upload/images/fa3073f50f13497286b85fd6ba745b08.jpg)
·Canadian Deputy Prime Minister and Minister of Finance Freeland.
Start from scratch
As a Canadian citizen, Xianshenglin was once proud of his successful immigration story.
In 2017, he, who had just founded the bank for a year, told the visitor that in 1978, Xianshenglin graduated from the English Department of Henan Normal University. He has worked as a translator, held administrative positions in the education department, and also served as a senior executive in a foreign trade company. He immigrated to Canada in 1990 and joined the London Life Insurance Company in 1991.
In the Chinese community back then, Cantonese was widely spoken. Xianshenglin, who only speaks Mandarin, had to try selling insurance in white communities in English. He recalled his first experience promoting insurance: after ringing the doorbell in front of a residential building, a white woman holding a baby opened the door. "Her child was born just a month ago, and she was preparing to buy insurance. That's how my first policy was signed."
![Encountering "bank robbery", Chinese banker](https://a5qu.com/upload/images/f16fda7c9587bc2742f80b452ba93083.jpg)
·Early photos of Xiansheng Forest.
"As it was my first time, I didn't know how to fill out some parts of the insurance contract. I repeatedly explained to her that I was a beginner and asked her to forgive me. She comforted me time and time again to take it slow. After signing the contract, I was a bit excited and couldn't believe it." Xian Shenglin recalled, "The insurance industry is very cruel, with a high elimination rate. Generally, 70% of the insurance companies are eliminated in the first year, 20% in the second year, and 10% in the third year. Only about 1% of them are truly excellent. Therefore, in financial management and insurance, the only priority is' diligence 'and never slack off."
Encouraged by the word "diligence", Xianshenglin's performance in the first year exceeded 98.5% of its peers, successfully meeting the industry standard of the "Million Round Table Conference" at the global life insurance event. In 1998, he successfully turned Canadian richest man Hennis Thompson into his insurance client and became a top member of the Million Roundtable. One year later, he founded Xianshi Financial Co., Ltd.
·Xianshenglin was awarded the title of Top Member of the Million Round Table Conference.
After immigrating to Canada, Xian Shenglin never gave an English name, and the English name for Xian's finance is ShenglinFinancial. He said that Bell, Mercedes Benz, and others were originally human names, but later became well-known brands. Foreigners can do it, why can't Chinese people?
Xianshenglin actively participates in Chinese club activities and is also familiar with the Chinese community. He noticed that major banks in Canada are not familiar with Chinese culture and lifestyle, and Chinese people are also not very familiar with the Canadian financial system, making it difficult for them to access urgently needed financial services. This sparked his idea of entering the banking industry.
![Encountering "bank robbery", Chinese banker](https://a5qu.com/upload/images/f68f4645957eb555ad0dac03d3a22bc4.jpg)
"In Western countries, banks are the most difficult government approval projects, just like 'the road to Sichuan is harder than reaching the blue sky'," said Xian Shenglin. Although there are many Chinese working in the Canadian banking industry, the presence of Chinese is rare among bank executives. A banking industry insider told Xianshenglin that his chances of success in founding a bank are less than 5%.
Xianshenglin did not give up. He said, "No dreams at night, no direction during the day." He applied to the Canadian government to open a bank, and this "bank dream" has persisted for nearly 5 years. In July 2015, the Canadian Ministry of Finance officially approved his application. On September 9, 2016, the head office of Canada's First Wealth Bank opened, becoming the first Chinese led federal first tier chartered bank in Canada. At the opening, the Canadian Minister of Immigration and several members of parliament were present to congratulate and also brought a congratulatory letter from Canadian Prime Minister Trudeau.
·Xian Shenglin delivered a speech at the opening of Canada's First Wealth Bank.
Xian Shenglin is a donor to the Trudeau Foundation and the Liberal Party of Canada. Some media have noticed that in May 2016, Xianshenglin participated in a private fundraising event organized by Trudeau. But Xianshenglin said he was just saying hello to Trudeau and did not mention the newly established First Wealth Bank of Canada at the time. But no matter what, this bank was recognized by mainstream Canadian society back then.
·A group photo of Xianshenglin and Canadian Prime Minister Trudeau.
"We respect the beliefs, values, and culture of Chinese people, and our shareholders have a deep Chinese roots, so they want to establish this bank to serve the Chinese community in Canada," said a senior executive of the bank.
![Encountering "bank robbery", Chinese banker](https://a5qu.com/upload/images/da506ebc05a19b656161e223a0465f43.png)
This bank's business grew rapidly, with assets exceeding CAD 400 million in 5 years, an 8-fold increase from its initial investment. At the New Year's banquet of Xianshi Financial Group in 2022, Xianshenglin said, "Difficulties are a new starting point for us to climb higher heights. This spirit of facing difficulties is the best driving force for us to progress and improve ourselves."
At this moment, Xianshenglin was unaware that a sudden disaster was quietly approaching him.
Black hand extended
In November 2022, Canadian Finance Minister Freeland issued a letter warning three individuals including Xian Shenglin, stating that they "may be influenced by the Chinese government" and expressing concern that Canada's First Wealth Bank may "participate in money laundering activities.". Soon, three people resigned from their positions as directors of the bank.
On April 24th of this year, Freeland sent another letter requesting the bank to terminate all business contacts with the three Chinese shareholders and their affiliated parties as soon as possible, and to prohibit the three individuals from holding formal or informal positions in the bank.
In another letter, Freeland ordered three people to sell their shares in Canada's First Wealth Bank and demanded that the bank take "security measures", including conducting communication checks on all bank employees, moving the bank headquarters to a "safe place" designated by the Canadian government as soon as possible, prohibiting the use of certain social media applications for business, and so on. The bank must also appoint an independent third-party supervisor and hire two compliance officers, respectively responsible for security compliance and anti money laundering, counter-terrorism compliance.
![Encountering "bank robbery", Chinese banker](https://a5qu.com/upload/images/2939ad866c1041109fe3584c14a221be.png)
·Canadian Deputy Prime Minister and Minister of Finance Freeland.
This approach is unprecedented in Canada. Financial industry insiders in Canada have stated that they have never heard of the Canadian finance minister using his power to expel the founders of their own banks and force them to take such "security measures". According to an article in the Hong Kong Ta Kung Pao newspaper, Freeland's move is a generalization of national security concepts and a crackdown on the normal business activities of Chinese companies and Chinese American operators in Canada.
After the directive was issued, Glenn Jennings, a lawyer for Xianshenglin, issued a statement stating that his client "is in regular communication with relevant authorities and looks forward to achieving a result that benefits all stakeholders, which will benefit the Canadian people.". He also added, "Everything related to banks is regulated and there are strict confidentiality regulations, so Mr. Xian has not made any comments at the moment."
According to Canadian media, the investigation of the three individuals by relevant Canadian departments may have started as early as 2021. So far, the authorities have not released any conclusions of the investigation, provided no evidence of the three individuals violating Canadian law, and have not prosecuted them. The public is also quite puzzled: what is the real problem with these three Chinese Americans?
In the face of media inquiries, Erito, senior advisor in charge of media affairs at Freeland, stated that there would be no discussion of the Treasury Secretary's actions against Canada's First Wealth Bank and its founders, citing the following reasons: "Given her regulatory role, it would be inappropriate to comment on any specific ongoing actions."
The action is still ongoing. There are reports that Freeland is demanding a ban on three people, including Xianshenglin, from entering the office building of First Wealth Bank. The bank must also conduct national security checks on all employees, including executives.
![Encountering "bank robbery", Chinese banker](https://a5qu.com/upload/images/7f3e59fffafe3df8f3573541b9352862.jpg)
·The office building of Canada's First Wealth Bank is located in Toronto.
As of the time of publication, it is still uncertain whether Xian Shenglin and others have sold their shares in the bank, and the bank's CEO has refused to disclose any relevant information. But many people are concerned that Freeland's actions under the pretext of so-called "worry" will ultimately lead to the bank that the three people worked hard to establish being "occupied by the magpie", and the first "Chinese bank" will no longer belong to the Chinese people.
This kind of thing has happened a long time ago. In 2012, National Treasure Bank, founded by Chinese American banker Sun Qicheng in New York, was suddenly charged with 184 charges including mortgage fraud. After three years of legal struggle, Sun Qicheng and Guobao Bank were cleared of charges, but their morale was severely damaged. This case is widely recognized as a manipulation by the US judicial authorities: during the subprime crisis, the real troublemaker on Wall Street was "too big to fail", and in the end, innocent Chinese banks were forced to play the role of "scapegoats".
Xian Shenglin once said that in order for Chinese banks to grow, they need to serve the Chinese community well while also targeting the entire country of Canada. "Our services and products are not only needed by Chinese people, but also by mainstream society and other ethnic groups." He may not have expected that Canadian politicians now need him and his companions to serve as political sacrifices for so-called "national security.".
A lingering ghost
In recent years, the Chinese community in Canada has become a target of many politicians. This has caused many people to worry that the infamous McCarthyism is lingering and is "heading north" to Canada.
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Recently, a Canadian journalist published an article on his personal website, citing so-called "intelligence documents" that the Chinese government is "secretly taking over" Canadian Chinese media. Two Canadian politicians immediately responded by calling for an investigation into Chinese media on social media.
This matter quickly caught the attention of Canadian society. Canadian scholars have claimed that Canadian politicians demanding an investigation into Chinese media is a resurgence of McCarthyism and a violation of the Canadian Constitution. He said that Chinese language media in Canada are generally small in scale and lack legal resources to protect themselves. In this situation, the demands of politicians are very concerning.
McCarthyism refers to the anti communist and anti human rights political persecution initiated by US Senator John McCarthy in the 1950s, with celebrities such as Einstein and Chaplin being its victims. Canada has also been influenced by McCarthyism, with authorities investigating over 70000 individuals with "unusual" political views. Most people believe that McCarthyism is a shame in the history of Canada and the United States.
·John McCarthy
"There is an old saying that to a hammer, everything looks like a nail," said a Canadian scholar. Nowadays, some Canadian government agencies are trying to gain benefits by promoting the "China threat", including seeking more funding. Some politicians, on the other hand, smell opportunities in the racist "genes" of some Canadians.
Canada had a black history of anti Chinese activities. In the mid-19th century, a large number of Chinese people participated in the construction of the Trans Canada Pacific Railway. After the completion of the project, Chinese workers became the object of exclusion. The Chinese Immigration Act, implemented in 1885, used a high "head tax" to prevent Chinese immigrants from entering the country. In 1923, Canada implemented the Chinese Exclusion Act, which imposed stricter requirements on Chinese immigrants. In the following 24 years, it is said that less than 50 Chinese people entered Canada. It was not until 1947 that the Canadian government abolished the "Anti China Act" and in 1967, public racial restrictions were lifted in the new immigration law. In 2006, overtime Prime Minister Harper officially apologized to the Chinese and announced compensation to the surviving victims of the "head tax".
![Encountering "bank robbery", Chinese banker](https://a5qu.com/upload/images/cdf5dd9ec34a68ef11ea7c85a707aa91.jpg)
·Chinese workers involved in railway construction in Canada.
Now, the experiences of the three Chinese founders of Canada's First Wealth Bank have once again shocked Chinese Canadians. All three of them have been rooted in Canada for many years and have achieved certain social and economic status, but a single word of concern from federal officials can put them at risk of losing their entrepreneurial achievements. Has Canada truly achieved "inviolability of private property"? Has the property of Chinese people received the same legal protection? Will this fate of being "chopped off" at any time happen to more Chinese people? The doubts in people's minds are getting bigger and bigger.
·In 2021, Canadian citizens participated in anti discrimination marches.