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Financial Services

Canada has World-Class Financial Services Professionals

Australia’s Macquarie Group is a global financial services company that came to Canada in the early ‘90s to set up a full range of institutional and retail banking and financial management and advisory services.

“We found remarkable similarities between the cultures and market dynamics of Australia and Canada. Both are resource-rich economies with relatively small populations, robust regulatory regimes and a shared commonwealth history. Those factors, along with a healthy and educated middle class, stable political climate under parliamentary democracies, and a welcoming investment culture made Canada a sound choice for Macquarie to grow our international operations.”

Paul Donnelly, President and Chief Executive Officer (Canada), Macquarie Group

Canada’s rock-solid financial industry has strength, stability and robustness— Amidst the global financial turbulence, Canada’s safe, regulated environment and its refined financial markets have become increasingly more attractive to global companies. Canada’s financial services sector has grown and diversified significantly in recent years, generating sales of more than $81.5 billion in 2009. The sector includes banks, financial co-operatives, insurance companies and independent insurance agents and brokers, securities dealers, and managers of pension and mutual funds.

Canada has the world’s soundest banking system— Canadian financial institutions are strong, stable, well diversified and well funded with healthy balance sheets. The World Economic Forum’s Global Competitiveness Report 2010–2011 ranked Canada’s banking system as the soundest in the world for the third year in a row. Moody’s Investor Service has ranked Canada’s banking system first in the world for financial strength for the last two years. Six of the world’s 50 safest banks and four of North America’s 10 largest banks are Canadian.

Well developed regulatory oversight and reporting— Canada has a well developed general legal and securities regulatory framework. The Canadian financial services sector offers many examples of best practice. The institutions, markets, infrastructure, safety nets, and oversight arrangements that make up the comprehensive system are sophisticated, and include a full range of financial intermediaries. These allow businesses to make investment decisions with confidence.

Recent Foreign Investments – Financial Services

Map of Canada showing three locations: Vancouver, British Columbia; Toronto, Ontario; and Montreal, Quebec

In February 2011, French bank Société Générale opened an information technology centre near its Canadian head office in Montréal. The centre, launched in partnership with CGI, is staffed by 58 developers and provides front-office software tools to traders based in the company’s New York office.
In January 2011, China Investment Corporation opened its first overseas representative office in Canada. CIC chose Toronto over other global financial centres because of Canada’s strong economic performance and fiscal stability, creating many good investment opportunities. CIC manages over US$332 billion in funds.
In September 2010, Bermuda-based Apex Fund Services Ltd. opened an office in Toronto as the company continues to expand its North American fund administration services and client base.
In July 2010, the Industrial and Commercial Bank of China (ICBC Bank Group) began retail and corporate banking operations in Canada. ICBC (Canada) will provide a business platform for the Bank Group to expand into the Canadian market and, along with its New York branch, strengthen its North American presence.