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Gold/Mining/Energy : CGI Group (GIB.A) -

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To: toccodolce who wrote (98)	9/27/1997 6:53:00 PM
From: BM	of 1673

CGI's board must be smiling over today's article in the Globe - it sure makes CGI's Interac move look more and more golden. Incidentally, I didn't know how big the Republic Bank of New York (CGI's Interac partner) is until I saw page 2 of last week's Barron magazine. Wow! Saturday, September 27, 1997 Door opens to foreign banks New consumer protection rules proposed, along with capital equirements for non-Canadians to set up branches and offices By ALAN TOULIN Ottawa Bureau Chief The Financial Post The federal government proposed a broad set of new rules Friday to regulate cross-border trade in financial services. In a discussion paper, the Finance Department said it wants foreign financial institutions offering loans or other banking services in Canada to be subject to consumer protection regulations. [snip] There are 42 foreign bank subsidiaries in Canada, making up 10% of the domestic banking sector. There are also unregulated near-banks from offshore, selling services that range from corporate lending to leasing. [snip] Established foreign banks have been pressing Ottawa for direct branch operations, arguing that will give them flexibility and let them increase their lending capacity based on the capital of the parent bank. [snip]

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