-
Industrial and business houses may be allowed to set up banks, with the Reserve Bank of India (RBI) saying it could be one way to broaden the reach of banking in the country and thereby achieve inclusive growth. The RBI has laid out options for the minimum capital required and the extent of promoter shareholding where it has highlighted the Canadian model. It has also said that the aggregate non-resident investment, including FDI, NRI and FII, could be capped a suitable level below 50% and locked at this level for 10 years.
-
After slashing its global operations over the past two years, Citigroup Inc. is girding for expansion in Canada. The bank is shifting gears at its Toronto headquarters after tapping a new head of Canadian operations. John Hastings, a long-time Citigroup executive in Canada who was named to the job this month, said that his goal over the next three years is to build up the corporate and investment banking business in Toronto, Montreal and Calgary, while also repairing the bank's bruised image.
-
Industrial and Commercial Bank of China (ICBC) will begin retail and corporate banking operations under the banner Industrial and Commercial Bank of China (Canada), the bank recently. ICBC Canada will provide a business platform for ICBC to further expand into the Canadian market and further strengthen the ICBC’s North American presence. The new bank will have a client base of around 10,000 retail and corporate customers. Jiang Jianqing, chairman of ICBC, noted that Canada was one of the most important markets in the world. "One of Canada's strengths is the country's advanced and prudent financial regulatory system. With such network in place, I am confident in the growth opportunities for our Canadian subsidiary in the years to come," he said.
-
India's second largest public sector lender Punjab National Bank (PNB) is planning an international expansion to double revenues from international operations by 2013, chairman and managing director, KR Kamath, said. "The bank is planning to start a subsidiary in Canada to tap its huge Punjabi population," he added.
-
Willis Re, the reinsurance arm of London-based Willis Group Holdings, announced the establishment of a new office in Toronto, Canada. The office will complement Willis Group's existing presence in Toronto. Willis also has offices in Montreal, Vancouver and Calgary. According to this press release, Toronto is fast becoming the hub of the Canadian insurance industry, which has shown steady growth in recent years. Peter Hearn, CEO, Willis Re, said: "Adding an office in Toronto will enable us to build on our success in Canada and offer an enhanced level of service to our current and future clients."
-
Global Special Risks, an insurance broker and managing general agent, has established a Canadian presence with the opening of an office in Calgary, Alberta. "Calgary gives us a solid base upon which to expand our business throughout Canada," said Rick Burns, president of GSR.
-
Arch Re Facultative will be opening an office in Montreal, Quebec, that further extends the company's commitment to the Canadian reinsurance market. The new office further extends the company's commitment to the Canadian reinsurance market, and will focus on supporting the existing relationships already established by Arch Re Facultative’s office in Toronto as well as further developing business in the Province of Quebec and the Atlantic Provinces.
-
Buffalo-based M&T Bank, a major player in U.S. commercial bank circles, opened an office in Toronto as part of the bank' attempt to build on century-old relationship to companies doing business across the Ontario-New York border. M&T Bank has 750 branches and an approximately $9-billion market capitalization.
-
QBE European Operations, a specialist business insurer, will open an office in Toronto for the business it writes through Lloyd's for the Canadian commercial insurance market. The Toronto team will develop new business from the Canadian market, and provide local support and claims handling service. QBE plans to expand its offerings to the Canadian marketplace, particularly to increase its small- and medium-sized enterprise E&O business, a QBE says.
-
The Royal Bank of Scotland said it's opening an oil and gas advisory in Calgary. The Edinburgh-based RBS said it will open the Calgary office to take advantage of the economic recovery in the city's oil and gas sector. RBS said this is move is a vote of confidence in the Canadian oilpatch. Calgary will be an extension of the bank's Houston practice and its oil and gas advisory in the United States, which carries out reserves-based lending, mergers and acquisitions and risk management services for large and mid-cap firms where RBS had previously concentrated on Canadian large caps.
-
Total profits for Canada's six biggest banks surged to $5.3 billion in the first quarter as loan losses fell and their domestic operations flourished. The positive earnings were driven by strong growth in mortgage lending and other domestic business. Those profits are about 75% higher than they were in the first quarter last year. None had a return on equity below 14%.
-
eFront, a provider of financial solutions specialising in Alternative Investments and Risk Management, listed on the on Alternext stock exchange in Paris, announced the opening of a new office in Montreal. The new office will focus on Private Equity and Real Estate investment sectors in Canada. The Montreal office provides eFront with access to a dynamic financial community in North America. Canadian Private Equity deals are expected to rise as much as 30% in 2010.
-
Barclays Bank announced it has successfully secured a bank license from the Canadian banking regulator to commence and carry on business as a foreign bank branch under the name Barclays Bank PLC, Canada Branch. The bank branch will enable Barclays Bank to lend to its corporate clients and is complementary to the investment banking and capital markets services offered by Barclays Capital through its existing Canadian presence.
-
R.J. O'Brien & Associates (RJO), an independent futures brokerage firm in the United States, announced that it has been admitted to membership in the Investment Industry Regulatory Organization of Canada (IIROC), enabling the firm to open R.J. O'Brien & Associates Canada Inc. in Winnipeg. The regulatory approval marks the first time the nearly 100-year-old firm is operating a subsidiary in Canada.
-
Paul Volcker, the former U.S. Federal Reserve Board chairman who's now a key economic advisor to the White House, told U.S. lawmakers they ought to learn from Canada's banking system as they seek to overhaul rules governing the biggest U.S. banks. Volcker said that With just five or six banks dominating the industry, Canada's banks benefit from having less competition. He added that Canada's banking system also has been shielded by the fact that it has less government interference in its mortgage market.
