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Jan 28, 2015

Sun Life buys Ryan Labs in quest for U.S. pension assets

By Jeffrey Hodgson

(Reuters) – Sun Life Financial Inc (SLF.TO: Quote, Profile, Research) will buy New York-based Ryan Labs Asset Management in a deal the Canadian insurer hopes will help it win more business with U.S. pension funds and other institutional investors, Sun Life said on Wednesday.

Toronto-based Sun Life did not disclose the value of the deal for Ryan Labs, which specializes in liability-driven investing, but said the acquisition would not be material to its results.

Jan 22, 2015

RBC CEO sees no need for big acquisitions after City National deal

TORONTO (Reuters) – Royal Bank of Canada (RY.TO: Quote, Profile, Research) is in no rush to do more acquisitions now that its $5.4 billion deal for City National Corp (CYN.N: Quote, Profile, Research) gives it a platform to expand in U.S. wealth management and commercial banking, RBC’s chief executive said.

Canada’s No. 1 bank said the deal, announced on Thursday, was driven in large part by its desire for City National’s stable of high-net worth clients and by the high quality of the Los Angeles-based bank.

Jan 22, 2015

Canada’s RBC targets U.S. wealthy with $5.4 billion City Nat’l deal

TORONTO (Reuters) – Royal Bank of Canada (RY.TO: Quote, Profile, Research) is pushing deeper into the U.S. wealth management business, saying on Thursday it will buy Los Angeles-based City National Corp (CYN.N: Quote, Profile, Research) for $5.4 billion in a deal that targets City’s stable of high-net worth clients.

Canada’s major banks, which emerged from the financial crisis largely unscathed, have been on a global hunt to expand their wealth management arms. Canadian bankers say the industry should benefit from an aging population and is less capital-intensive than traditional lending.

Dec 16, 2014

Exclusive: Porter nearing sale of Toronto airport terminal – sources

TORONTO (Reuters) – The parent of Canada’s Porter Airlines is nearing the sale of a passenger terminal it operates at Toronto’s Billy Bishop Airport, according to three sources familiar with the process.

The sources, who asked not to be named as they are not authorized to publicly comment on the matter, said a bidding process for the asset on the island airport is underway.

Dec 16, 2014

Porter nearing sale of Toronto airport terminal -sources

TORONTO, Dec 15 (Reuters) – The parent of Canada’s Porter
Airlines is nearing the sale of a passenger terminal it operates
at Toronto’s Billy Bishop Airport, according to three sources
familiar with the process.

The sources, who asked not to be named as they are not
authorized to publicly comment on the matter, said a bidding
process for the asset on the island airport is underway.

Dec 10, 2014

Canadian banks see clearing skies after Caribbean storms

TORONTO, Dec 10 (Reuters) – Canadian banks say the worst of
the financial hits they have taken on their Caribbean operations
should be behind them as an improving U.S. economy and lower oil
prices help support the region’s recovery.

Even if Caribbean economies continue to struggle with weak
tourism spending, Canadian bank executives say the work they
have done this year to control costs and provide for bad loans
should give them a buffer.

Dec 5, 2014

Scotia, Nat’l close out weak results season for Canada lenders

TORONTO, Dec 5 (Reuters) – Shares of Bank of Nova Scotia
and National Bank of Canada weakened after the
lenders reported quarterly results on Friday, closing out an
earnings season in which Canadian banks largely disappointed
investors.

Scotiabank, Canada’s No. 3 lender, reported a
weaker-than-expected profit, with earnings down in both its
Canadian and international banking divisions.

Dec 4, 2014

TD Bank, CIBC shares fall after posting soft results

TORONTO (Reuters) – Shares of Toronto-Dominion Bank (TD.TO: Quote, Profile, Research, Stock Buzz) and Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research, Stock Buzz) slid on Thursday after posting soft results in what is shaping up to be a disappointing fourth-quarter earnings season for Canadian lenders.

TD Bank reported a weaker-than-expected profit, even as its revenue and earnings rose, and said it expects a more challenging operating environment in 2015.

Dec 4, 2014

Toronto-Dominion Bank reports weaker-than-expected profit

TORONTO, Dec 4 (Reuters) – Toronto-Dominion Bank reported a
weaker-than-expected fourth-quarter profit on Thursday, even as
its revenue and earnings rose, and said it expects a more
challenging operating environment in 2015.

Canada’s second-largest lender said its net income rose to
C$1.75 billion ($1.54 billion), or 91 Canadian cents per share,
in the fourth quarter ended Oct. 31, from C$1.62 billion, or 84
Canadian cents a share, a year earlier.

Dec 3, 2014

Canada’s RBC reports higher profit, but capital markets weigh

TORONTO (Reuters) – Royal Bank of Canada (RY.TO: Quote, Profile, Research, Stock Buzz) reported a stronger fourth-quarter profit on Wednesday as gains at its core personal and commercial banking and wealth management businesses offset weakness at its capital markets arm.

Canada’s largest bank reported net income of C$2.3 billion ($2.02 billion), or C$1.57 a share on a fully diluted basis, for the fourth-quarter ended Oct. 31, compared with C$2.1 billion, or C$1.39 a share, a year earlier.

    • About Jeffrey

      "I am based in Toronto and lead a five-person team covering Canadian financial markets, the economy and central bank policy. I joined Reuters in 1996, starting in Toronto and later moving to London and Hong Kong. In that time I've covered stock, bond and currency markets, banking, fund management, the technology, media and telecom sectors, as well as general, political and entertainment news."
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