Scotiabank fires salvo in banks' war of words

Article Abstract:

Bank of Nova Scotia's new study reveals that the merger transactions involving five of Canada's largest banking institutions have the potential to lead into a concentration of bank assets to a few entities. The new study, released by the bank's chief economist, claims that the proposed mergers will allow the two resulting organizations to dominate 66% of local banking assets. The study places a premium on the effect of the transactions to domestic assets rather than all financial assets as these figures are of greater significance, according to officials of Bank of Nova Scotia.

Comment:

Its new study reveals that merger transactions involving 5 of Canada's largest banks may lead to concentration of local assets

Market information - general, Nova Scotia, Bank of Nova Scotia (Canada)

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CIBC announces buyback to bolster sagging stock

Article Abstract:

Canadian Imperial Bank of Commerce has launched a stock buyback to boost its dropping stock. The company plans to repurchase up to 20 million shares or less than 5% of its stocks. Before the announcement of the stock buyback, the company's stock lost 48% of its value since Apr. 17, 1998, when the company announced its proposed merger with Toronto-Dominion Bank. Meanwhile, once the stock buyback is completed, the company's common share base will be reduced to 395.5-million, giving it control of 50.2% in the new bank formed by its merger with Toronto-Dominion.

Comment:

Has launched a stock buyback to boost its dropping stock

Canada, Acquisitions & mergers, Canadian Imperial Bank of Commerce

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