<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>2
<FILENAME>a2045158zex-21.txt
<DESCRIPTION>EXHIBIT 21
<TEXT>

<PAGE>

                                      EXHIBIT 21

                                 SUBSIDIARIES OF MFC

<TABLE>
<CAPTION>
                                                                            SHAREHOLDING AT
NAME OF SUBSIDIARY                          JURISDICTION OF INCORPORATION     END OF YEAR
------------------                          -----------------------------   ---------------
<S>                                         <C>                             <C>
MFC Merchant Bank S.A....................   Switzerland                         100%
MFC Securities Group of Companies........   Switzerland                         100%
Constitution Insurance Company
  of Canada..............................   Canada                              100%
TriMaine Holdings, Inc.
  (formerly Logan International Corp)....   State of Washington                 81%
Drummond Financial Corporation...........   State of Delaware                   49.4%(1)
</TABLE>

----------
(1)  MFC owns 3.0 million shares of preferred stock of Drummond Financial
     Corporation ("Drummond") which gives MFC, in the aggregate, control of 76%
     of the voting power in Drummond.
</TEXT>
</DOCUMENT>
