Great-West Lifeco Inc.’s C$1.75 billion ($1.72 billion) agreement to buy Irish Life Group Ltd. signals a return to growth for the Canadian insurance industry that has spent years since the financial crisis seeking to contain damage from plunging stock prices.
Royal Bank of Canada is the only Canadian lender with a “reasonable shot” at being classified as “globally systemically important” by the Basel Committee on Banking Supervision, Canaccord Genuity analyst Mario Mendonca said.
Canadian banks, ranked the soundest in the world, may post a fourth-straight quarter of profit growth as improved credit quality helps offset the economic slowdown that’s hindered growth at some global lenders.
Ask David Conner, chief executive officer of Singapore’s Oversea-Chinese Banking Corp., what makes a world-class bank and he smiles and tells the story of how he was hired. It was April 2002, and Singapore’s banks faced a struggling economy, poor demand for credit and rising competition from foreign lenders that had just won greater access to the Singaporean market.
Royal Bank of Canada, Toronto- Dominion Bank and Bank of Nova Scotia, three of the world’s soundest financial firms, are seeking to boost profit with more than C$12 billion ($12.1 billion) in consumer-oriented acquisitions.