National Bank boss opposed to mergers

Article Abstract:

National Bank of Canada Chairman Andre Berard has expressed its opposition to the proposed mergers of Canadian Imperial Bank of Commerce with Toronto-Dominion Bank and Royal Bank of Canada with Bank of Montreal, contending that bank mergers only result in job layoffs. Andre told a 15-member Liberal caucus committee on financial services that he is also unconvinced that the savings from consolidating operations of two banks will be passed on to consumers. Andre stated politicians must not approve of the proposed mergers and instead encourage them to keep the current system because it is working well.

Comment:

Chairman Andre Berard expresses opposition to bank mergers, contending they only result in job layoffs

Public affairs, National Bank of Canada, Article

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S&P too hard on banks, regulator says

Article Abstract:

The head of Canada's Office of the Superintendent of Financial Institutions has criticized the Standard and Poor's Corp.'s (S&P) recent downgrading of Canadian banks. John Palmer said that Canadian banks have strengthened their capital and boosted their reserve levels. S&P has earlier stated that the failed bank mergers have weaked the global competitiveness of Canadian banks, and thus they need to boost their reserves to protect them against loans losses in particular industry sectors or geographic regions.

Securities issued, listed

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