Global crossing investment driving CIBC turnaround

Article Abstract:

The shares of Canadian Imperial Bank of Commerce (CIBC) are being driven up by investors who expect the company to benefit from its investment in telecommunications company Global Crossing Ltd. The bank owns 17.1%, or 70.2 million shares of Global Crossing, which is acquiring telephone company Frontier Corp for $11.2 billion. Global Crossing provides long-distance phone services via a network of undersea digital fiber optic systems. The value of CIBC's investment in Global Crossing has been estimated at around $3.5 billion, about one-third of CIBC's market value of $11 billion.

Asset sales & divestitures, Acquisitions & mergers, Telecommunications, Securities issued, listed, Telecommunications industry, Canadian Imperial Bank of Commerce, Frontier Corp.

---

Barclays eyes banking licence

Article Abstract:

Barclays PLC of London, UK, will reapply for a Canadian banking licence if the federal government changes regulations for Schedule II banks. The company plans to boost its operations in Canada if the federal government becomes more lenient on regulations on Schedule II banks. Under current regulations, a foreign bank that wants to offer banking services in Canada must form a separate subsidiary and raise a capital base in the region. Foreign banks think that the regulation is anticompetitive, prompting the federal government to review the policy.

Comment:

Will reapply for a Canadian banking licence if the federal government changes regulations for Schedule II banks

Organizational history, Barclays PLC, Article

---

BMO sets up in Times Square

Article Abstract:

The Bank of Montreal has leased four floors in the Reuters building on Seventh Avenue in New York City, making it the first commercial bank to move into Times Square.

New capacity, new plant construction, New York, Banking industry, Buildings and facilities, Bank of Montreal, Times Square

Similar abstracts:

• Abstracts: Crisis management moving up on the boardroom agenda. CPR revisits bullet-train idea. 5% stake in CN is held by Gates
• Abstracts: Major French bank to set up shop in Canada. CIBC to get a dressing down. Foreign banks queue to set up shop
• Abstracts: CanWest Global's loss doubles. CanWest management deal revealed. CanWest reveals revenue strategy
• Abstracts: RBC Donimion plays down layoffs. An armchair QB ponders TD's best play with Waterhouse. Vice-chairman Kelly departs TD Bank
• Abstracts: Royal unit struggles for settlement. OSC, Royal unit close to a deal

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.