CIBC boss warns Ottawa: no 'onerous conditions' on merger

Article Abstract:

Canadian Imperial Bank of Commerce (CIBC) said that it may refuse to merge with Toronto-Dominion Bank (TD) if the federal government would impose onerous conditions that would make the deal unprofitable. CIBC Chairman Al Flood said that the deal was intended to reduce cost for the eventual benefit of the customers, but too many conditions would impede on that possibility. The Competition Bureau is slated to report on the competitive impact of the proposed mergers between CIBC and TD, and between Royal Bank of Canada and Bank of Montreal.

Comment:

CIBC may refuse to merge w/ co if federal govt would impose onerous conditions that would make deal unprofitable

Acquisitions & mergers, Canadian Imperial Bank of Commerce, Article, Toronto-Dominion Bank

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Martin says banks will need more flexible regulation

Article Abstract:

The Canadian government is planning to reform the financial services industry and create flexible laws to enable Canadian financial institutions to survive global competition. Finance Minister Paul Martin said that the government will release a policy paper in June 1999 that would give the details on how it intends to reform the financial services sector. Canadian banks are seeking greater flexibility in ownership structures, a reduction in tax and increased powers to offer insurance and auto leasing from their branches.

Government regulation, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Banking Regulation, Banking law

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