Tuesday, December 12, 2006

Bank of Canada renews call for bank mergers in Canada - report

David Dodge, governor of the Bank of Canada, is renewing calls for bank mergers in Canada, according to the 12 December National Post.
According to Dodge, Canadian financial services institutions, absent a Government of Canada decision to allow bank mergers in the country, will increasingly fall behind their international rivals. In the report, it was noted that analysts expect plenty of M&A activity next year in the banking sector, which could further put Canadian banks at a disadvantage. An unidentified executive at a Canadian bank said in the report that the only reason the political will cannot be mustered up to push the agenda is that the bank mergers issue is unpopular among the public.


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