Bank of Montreal has spent 28 years trying to make inroads in the U.S. Midwest. The efforts of Canada’s fourth-largest lender are starting to pay off, thanks to its C$4.1 billion ($3.98 billion) takeover of Marshall & Ilsley Corp. in Wisconsin.
Aimia Inc.’s decision to move its Aeroplan reward-partnership to Toronto-Dominion Bank is a blow to Canadian Imperial Bank of Commerce, which stands to lose customers and as much as C$3 billion ($2.9 billion) in credit- card balances.
Toronto-Dominion Bank’s agreement to buy Bank of America Corp.’s credit-card business in Canada caps a $20 billion buying spree for Canadian lenders taking advantage of their relative strength to pick up assets from U.S. firms.
Sun Life Financial Inc., Canada’s third-largest insurer, said a $1.35 billion agreement to sell its U.S. annuity business to a firm owned by Guggenheim Partners LLC shareholders has been delayed amid a regulatory review.