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To: long-gone who wrote (74823)	8/11/2001 2:20:46 AM
From: long-gone	Respond to of 116944

Merrill Lynch Takes on Canada's Banks -- and Loses New York: Merrill Lynch & Co. is finding out how hard it is for a Wall Street firm to break into Canada's banking business. The biggest U.S. brokerage in January started working on the financing for a $523 million acquisition by Canadian door maker Premdor Inc. On July 19, Premdor said it would use Bank of Montreal instead, where Premdor Chief Executive Philip Orsino is on the board of directors. Merrill was probably upset by the switch, said John Ambruz, Premdor's head of strategic development. It's just the latest example of how domestic banks finance almost every company in Canada, partly because of long relationships with executives. Merrill and other U.S. investment banks are ``aggressive, obviously, but they haven't changed things significantly,'' in Canada, said Michael Rousseau, chief executive of Hudson's Bay Co., Canada's No. 2 department store. (c) 2001 Bloomberg L.P. All rights reserved. bloomberg.com