Bank of Nova Scotia, Canada’s third- biggest lender by assets, said quarterly profit rose 12 percent as contributions from its takeover of ING Groep NV’s Canadian business led to record earnings in domestic consumer lending.
Royal Bank of Canada is putting its leadership in the hands of David McKay, whose consumer-lending experience is a departure from the investment-banking background that propelled Gordon Nixon to chief executive officer 12 years ago.
Royal Bank of Canada said Chief Executive Officer Gordon Nixon will retire next year as the nation’s largest lender reported fiscal fourth-quarter profit that beat analysts’ estimates on gains in investment banking and consumer lending.
Russian lending to households is showing signs of “overheating” as the level of borrower indebtedness is outstripping incomes, the central bank chief said, warning that consumer loans won’t sustain the economy.
General Electric Co. will finish shrinking its finance business by 2015 after spinning off the North American consumer lending unit, capping Chief Executive Officer Jeffrey Immelt’s effort to reduce credit risks.