After entering financial free agency with their contract with Scotiabank set to expire in early 2026, the Calgary Catholic School District’s (CCSD) period of application for interested bodies has officially ended.
Come Feb. 1, 2026, the CCSD’s existing contract with Scotiabank will be over. At the end of October, the CCSD initiated a request for proposal, or RFP, process to ensure fair, open and transparent competition to determine the market offerings and find the best value for the district. With the application period officially ending on Nov. 24 at 2 pm, the district will now comb through its offers.
Applicants had to be Canadian banks with a minimum rating of R-1 Middle by the DBRS Morningstar, meaning they have an excellent short-term credit rating. Proposals from institutions that fail to meet this requirement will be disqualified, and their proposal will not be reviewed.
The district’s existing cash management process tracks cash flow daily. The system identifies opportunities to make short-term investments in liquid, guaranteed, low-risk products. The banking system allows for secure online access to transactional information required for timely cash management, according to a CCSD-issued statement.
Qualified proponents are invited to submit detailed proposals that demonstrate their capabilities in meeting the District’s requirements by describing their experience, qualifications and service offerings, according to the district’s RFP.
“The successful proponent will support the District’s financial operations by providing reliable, secure, and cost-effective solutions tailored to meet the needs of a public sector educational institution,” the thing reads.
ATB Financial, TD Bank Financial Group, National Bank of Canada and Royal Bank of Canada have all submitted to the interested suppliers list.
“We have a few vendors that have applied that we’re currently screening and the goal of that is just to get the best rate possible. We mostly invest in short term GICs, so just to see what’s competitive out there, especially with the interest rates declining as of late,” CCSD Superintendent of Finance and Business Vanessa Klettke said during the Nov. 12 board of trustees meeting.
Newly re-elected board chair Lori Iovinelli had high praise for the district’s financial team.
“I know we do such a good job of ensuring that it’s the best bang for buck and we have the most effective personnel to do that,” she said during the meeting.
To avoid potential corruption, everyone involved in the evaluation process must sign a form declaring whether they have a conflict of interest with any proponent who has submitted a bid.
If a new bank is chosen, the CCSD is anticipating a seamless transition.
