TORONTO, Jan 10 (Reuters) – Canada’s major banks plan to pursue their quest for growth south of the border, their top executives said on Monday, after Bank of Montreal’s $16.3 billion Bank of the West buy last month.
With billions of dollars of excess capital and share prices close to record highs, Canadian banks are seeking to expand in the United States, whose more fragmented market offers more opportunity to grow than at home where Canada’s Big Six already have a near-90% market share. read more
Royal Bank of Canada (RY.TO), the country’s biggest lender by market value, is interested in buying wealth distribution businesses in the U.S. and Europe and commercial banking businesses in the U.S., its chief executive Dave McKay told the RBC Capital Markets CEO conference.
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Meanwhile, Toronto-Dominion (TD.TO), the second-biggest, would seriously consider any opportunity in the United States, where it is already a top 10 bank, if it makes strategic, financial, risk and cultural sense, and help accelerate growth, CEO Bharat Masrani said.
“We’re a huge bank domestically in the U.S… We don’t need to acquire just to get scale,” Masrani told
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