Canadians dominate world’s 10 strongest banks
Banks from Citigroup Inc. in the U.S. to BNP Paribas SA in France are racing to shed assets and raise money ahead of new global capital rules that start taking effect in 2015. For Canadian lenders, these moves have created the opportunity to go on a shopping spree.
Canada’s six largest banks have spent US$37.8 billion since 2008 on about 100 acquisitions at home and abroad, Bloomberg Markets magazine reports in its June issue.
“We and our Canadian competitors are only able to do that because we have some flexibility as a result of our strength,” says Gerald McCaughey, left, chief executive officer of Canadian Imperial Bank of Commerce, which bought JPMorgan Chase & Co.’s minority stake in asset management firm American Century Investments last year. “Over the longer term, this should actually help to maintain the strength of the Canadian banking system and its competitiveness.”
CIBC was No. 3 in Bloomberg Markets’ second annual ranking of the world’s strongest banks, followed by three of its Canadian rivals: Toronto-Dominion Bank (No. 4), National Bank of Canada (No. 5) and Royal Bank of Canada (No. 6), the country’s largest lender. Bank of Nova Scotia ranked 18th, and Bank of Montreal was 22nd.
By Referral Mortgage Consultants, BRMC - Mortgage solutions for Canadians.