It was win or die in CIBC showdown

Article Abstract:

Canadian Imperial Bank of Commerce of Toronto, Ontario, has named John Hunkin as chairman over Holger Kluge. Kluge, who was the bank's co-president with Hunkin, will leave the bank as agreed upon by the two. The two have been chasing the chairmanship since Jan 1998 in a public race that has split the bank into two camps. To ensure that the outcome of the race would not further divide the company, the two agreed that the loser would leave the bank.

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Royal Bank to sell tiny U.S. brokerage

Article Abstract:

Royal Bank of Canada has put its US-based discount brokerage Bull & Bear Securities Inc up for sale. According to the bank, the decision to divest the small brokerage was made after Royal Bank of Canada decided to purchase Dain Rauscher Corp (Minneapolis, MN) for US$1.5 bil. Dain Rauscher is a bank offering investment banking and wealth management services. Royal Bank of Canada acquired Bull & Bear Securities for US$6 mil in 4/99.

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Bancomer unit sale may be first of many to shore up capital

Article Abstract:

Grupo Financiero Bancomer SA of Mexico has announced that it is selling its 51%-owned insurance unit Seguros Monterrey Aetna. The third largest Mexican insurance company has an estimated assets of C$1 billion and premiums of C$500 million. The planned selloff would leave Grupo Bancomer with a lone insurance unit Seguros Bancomer, which sell retail-oriented insurance products throught its bank branches.

Asset sales & divestitures, Insurance, Insurance Carriers and Related Activities, Life Insurance, Direct Life Insurance Carriers, Mexico, Seguros Monterrey Aetna

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