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January 11, 2019 9:54 PM Department of Finance launches open banking consultation

Ottawa has officially launched its consultation on open banking, a framework which would allow consumers and businesses to permit third parties such as fintechs to access their financial data to provide innovative services. The Department of Finance on Friday published a consultation paper outlining the pros and cons of open banking, and invited the public 43

January 8, 2019 2:44 PM Scotiabank may find path to exit Thanachart in Thai bank merger

A bank merger in Thailand may finally give Bank of Nova Scotia a path to retreat from the Southeast Asian nation after three years of trying. Thai lenders Thanachart Bank PCL and TMB Bank PCL are in talks to merge in a deal supported by Thailand’s government. Such a transaction could give Canada’s Scotiabank — which owns 49 per cent of Bangkok-based 26

December 17, 2018 4:58 PM CIBC shrinks event after Whistler tries to bill oil firm for climate change

After Whistler sent a letter to Calgary-based oilsands giant Canadian Natural Resources Ltd., several energy firms reportedly said they would back out of the Canadian Imperial Bank of Commerce event. CIBC has since decided to cancel the oil and gas part of its conference, although it says the rest will continue. According to an online agenda, 43 of the 114 companies 32

December 7, 2018 2:31 PM Gains abroad extend the record earnings streak at Canadian banks

Canada’s eight big banks extended their record earnings streak this year, posting a 7.5 per cent jump in annual profit fuelled by operations outside their home turf. Net income for the companies totalled C$45.9 billion ($34.3 billion U.S.) in the fiscal year ended Oct. 31. Toronto-Dominion Bank and Bank of Montreal profited from their U.S. consumer-lending 43

December 5, 2018 4:13 PM Bonus pools at Canadian banks climb 6.5% in a ‘polarizing’ year

Toronto-Dominion Bank, the country’s largest lender by assets, set aside $2.59 billion for incentive compensation, up 5.6 per cent but less than half of last year’s increase. Bonuses “are quite driven by revenue performance in the wholesale bank, and in aggregate the bank did so much better, so I expect they’ll be up slightly,” CFO Riaz Ahmed said in a phone 39

December 4, 2018 3:07 PM BMO’s commercial focus at U.S. Midwest bank pays off with loans

Net income for the quarter rose 38 per cent to a record $1.7 billion, or $2.57 a share. Adjusted earnings were $2.32 a share, beating the $2.30 average estimate of 14 analysts in a Bloomberg survey.Bank of Montreal saw improvements in three of its four main operating divisions, with only its BMO Capital Markets division experiencing a decline. Earnings 33

December 4, 2018 11:36 AM Bank of Montreal hikes dividend as it reports Q4 net income surge

Bank of Montreal hiked its dividend as it reported a fourth-quarter profit that jumped 38 per cent compared with a year ago and beat analyst estimates. Canada’s fourth-largest bank said Tuesday it will now pay a quarterly dividend of $1 per share, up four cents from its previous payment. The increase in payment to shareholders came as BMO reported its net income 33

December 3, 2018 2:41 PM Oil remains India’s bugbear as rupee, bonds buck trade cheer

“The Indian rupee stands to benefit less from this as India is not as reliant on exports, and the bounce in oil prices could also weigh on the currency,” said Khoon Goh, head of research at Australia & New Zealand Banking Group Ltd. in Singapore. The rupee declined 0.7 per cent to 70.04 at 12:10 p.m. in Mumbai, while the yield on 10-year bonds rose two basis 44

November 29, 2018 7:01 PM TD, CIBC see profit bump helped by U.S. operations but analyst reaction mixed

“Coupled with the overall miss against expectations was a surprising step back in profitability in CIBC’s U.S. operations; its platform for future growth,” he said in a note to clients. Shares of CIBC fell as much as 4 per cent Thursday to $111.41 from its previous close of $116.19 on the Toronto Stock Exchange, but was trading near $112 by early afternoon 36

November 29, 2018 1:41 PM Toronto-Dominion’s U.S. lender outshines domestic banking gains

Toronto-Dominion had a 44 per cent jump in earnings from the U.S. retail segment in the fiscal fourth quarter, helped by improving net interest margins, record contributions from a stake in the TD Ameritrade discount brokerage and the U.S. tax overhaul. Profit from U.S. retail rose to $1.11 billion, outperforming growth in Canada and its wholesale banking 32