Desjardins Group, Canada's largest cooperative financial group, climbed from 25th to 20th on Global Finance's list of the World's 50 Safest Banks 2011. Holding strong at fourth in North America, Desjardins continues to outstrip all major American banks.
Comfort with online banking is high among Canadians, according to new statistics from comScore, Inc.
Scotiabank has completed its purchase of Uruguay’s fourth-largest private bank in terms of loans and deposits. The acquisition of Nuevo Banco Comercial S.A. (NBC) was initially announced in December 2010, but terms of the agreement were not disclosed. “Scotiabank is proud to enhance our already-unique footprint in Latin America by becoming the first bank based […]
Some say it was good luck, others say it was good management that helped the Canadian banking industry slip through the jaws of global economic meltdown relatively unhurt. If you chalk it up to our sound banking system, think again. Experts say it is far from worthy of being an international role model. “I’m a […]
BMO Capital Markets has announced that it is expanding its high yield business in Canada with the additions of Dan Atack, managing director, and Piper Kerr, director, to the BMO Capital Markets Leveraged Finance Distribution and Trading team.
CIBC has announced an overhaul in its senior leadership, sparked, it would appear, by the departure of Sonia Baxendale, senior executive vice-president and president of retail markets is leaving CIBC. “I would like to thank Sonia for her significant contribution to CIBC over many years,” said Gerry McCaughey, president and CEO of the bank. “Thanks […]
The banking and investment industry set a dubious record in 2010, as review by the Ombudsman for Banking Services and Investments topped 1,000 for the first time its OBSI’s 15-year history. “The fact that complaints have reached another new high demonstrates yet again that financial sector consumers need and deserve an impartial and effective alternative […]
With the recent acquisition of DundeeWealth Inc. by the Bank of Nova Scotia, the top 5 banks in Canada now control two thirds of the mutual fund assets under management and about one half of the licensed representatives that distribute mutual funds in Canada. It won’t be long until the disadvantages of an oligopoly will […]
Coming out of the recession, Canada’s banking sector looks better than many of its global peers. Tough regulation ensured that the banks steered clear of the leverage minefield that sank some foreign competitors and 2010 profits have topped records set in 2007. This presents the sector with unprecedented opportunities for growth and expansion, according to […]
Anyone wanting to voice their opinion on the regulations governing banks in the insurance business should speak up—the comment period closes March 4.The federal government rather quietly issued draft regulations that appear to give the stamp of approval to locating insurance branches near banking branches. Under the proposed regulations, Section 10 of the Insurance Business […]