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Non-Tech : Canadian vs. US Banks--Better PE and rising C$
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To: marcos who wrote (223)10/30/1998 12:30:00 PM
From: Zardoz  Read Replies (1) of 230
 
Globe says Liberal caucus recommends bank merger delay

Canadian Imperial Bank of Commerce
CM
Shares issued 421,209,522
1998-10-29 close $30.1
Friday Oct 30 1998
See Royal Bank of Canada (RY) In the News
The Globe and Mail reports in its Friday, Oct. 30, 1998 edition that a Liberal caucus committee is set to recommend that the federal government not approve any bank mergers until it has ensured there will be more competition in key areas such as small business lending and retail banking. The Globe's Shawn McCarthy and Susanne Craig write that the caucus report, which may be tabled next week is expected to provide yet another setback for the four banks that are seeking Ottawa's blessing for their merger plans. Royal Bank of Canada, Bank of Montreal, Canadian Imperial Bank of Commerce and Toronto Dominion Bank, failed to convince Liberals that mergers were necessary to compete against new foreign competition. Unnamed Liberals asked to endorse the report say it reflects the deep skepticism among Canadians who appeared at the hearings about whether the country would benefit from increasing concentration in the banking sector. The pro-merger banks "just haven't made their case," says an unnamed Liberal MP.

(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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