September 16, 2009 / 6:58 PM / in 9 years

UPDATE 1-Canadian Western Bank looks to double in size

* Says on track to meet 2009 performance goals

* Actively looking for acquisitions

* Intends to double its size, income in next 5 yrs

TORONTO, Sept 16 (Reuters) - The head of Canadian Western Bank (CWB.TO) said on Wednesday he is looking at every acquisition opportunity and intends to double the size of the bank and its net income in the next five years.

Chief Executive Larry Pollock said the bank, which has operations in Canada’s four western provinces, is on track to meet its target of growing net income by 2 percent to 5 percent this year and growing revenue by 5 percent to 8 percent.

Boasting of CWB’s more than 20 consecutive years of quarterly profit, Pollack said the bank was well-positioned to capitalize on growth opportunities — including acquisitions and organic growth that will continue its rapid expansion.

“We’re looking to almost double the size of the bank from about C$11.5 billion or C$12 billion today to C$20 billion, double our net income after tax to C$200 million (in the next five years),” Pollock told a conference hosted by Scotia Capital in Toronto.

“With the high capital ratios that we have and the opportunities that have presented themselves in the marketplace, we are actively looking at every opportunity that comes along, the ones that fit into our criteria — which ... would have to be strategic and accretive,” he said.

Pollack, one of Canada’s longest-serving financial executives, said he believed the bank was through the worst of the credit woes, suggesting the amount of money it sets aside to cover bad loans has peaked.

$1=$1.07 Canadian Reporting by Andrea Hopkins and Pav Jordan; editing by Rob Wilson

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