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Canada's 'Big Six' banks pursue U.S. buys, investments to grow

Monday, January 10, 2022
Canada's 'Big Six' banks pursue U.S. buys, investments to grow © Reuters. FILE PHOTO: A sign for the Royal Bank of Canada in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio

By Nichola Saminather and Sohini Podder

TORONTO (Reuters) - Canada's big 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.

Royal Bank of Canada, 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.

Meanwhile, Toronto-Dominion, 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

Following Bank of Montreal's deal, sources told Reuters that TD had fought hard for Bancwest, and continues to seek U.S. acquisitions.

Canada's fifth-largest bank, CIBC, will also invest in its U.S. business, where earnings contributed 21% of earnings in fiscal 2021, from 2% five years ago, CEO Victor Dodig said.

"Our bank's investment in the U.S. has been increasingly appreciated by our investor base," Dodig said, adding that CIBC expects "continued growth in our franchise across the board" and plans to invest more in the U.S. platform.

Bank of Nova Scotia and National Bank of Canada (OTC:NTIOF) are the other two in players in Canada's 'Big Six'.

EXPENSE GROWTH

The banks also stuck to their expense-growth forecasts for this year, despite expectations that inflation could remain elevated for longer than originally anticipated.

Major Canadian banks broadly posted expenses that were higher than market expectations in the fourth quarter of fiscal 2021 and some analysts see continued disappointments on that front in the first half of 2022.

CIBC said last month it expects mid-single-digit expense growth in fiscal 2022, after reporting a 13% increase in the fourth quarter, the highest in the industry.

Royal Bank still expects low-single-digit growth in non-interest expenses for fiscal 2022, and can slow down some investment and take out costs if needed, McKay said.

BMO CEO Darryl White also reiterated a forecast for flat expense growth, helped by the sale of its EMEA business.

The country's banks index fell 0.5%, compared with a 1% decline in the Toronto stock benchmark.

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17-01-2022 20:43:33 (UTC+7)

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 EUR/USD1.1421↑ Buy
 GBP/USD1.3659↑ Buy
 USD/JPY114.49↑ Sell
 AUD/USD0.7224↑ Buy
 USD/CAD1.2496↑ Sell
 EUR/JPY130.75Sell
 EUR/CHF1.0430↑ Buy
 Gold1,820.75↑ Buy
 Silver23.108↑ Buy
 Copper4.4395↑ Buy
 Crude Oil WTI83.89↑ Buy
 Brent Oil86.75↑ Buy
 Natural Gas4.258↑ Sell
 US Coffee C239.65↑ Buy
 Euro Stoxx 504,302.14↑ Sell
 S&P 5004,662.85↑ Buy
 DAX15,933.72↑ Sell
 FTSE 1007,611.23↑ Buy
 Hang Seng24,354.87↑ Buy
 Small Cap 20002,161.55↑ Buy
 IBEX 358,838.70↑ Sell
 BASF68.140Neutral
 Bayer52.82↑ Buy
 Allianz227.05↑ Buy
 Adidas252.65↑ Buy
 Lufthansa7.241↑ Sell
 Siemens AG146.00Neutral
 Deutsche Bank AG12.018↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,120/ 6,160
(0/ 0) # 1,144
SJC HCM6,110/ 6,170
(0/ 0) # 1,154
SJC Hanoi6,110/ 6,172
(0/ 0) # 1,156
SJC Danang6,110/ 6,172
(0/ 0) # 1,156
SJC Nhatrang6,110/ 6,172
(0/ 0) # 1,156
SJC Cantho6,110/ 6,172
(0/ 0) # 1,156
Cập nhật 17-01-2022 20:43:42
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$1,820.98+4.50.25%
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Sản phẩmVùng 1Vùng 2
RON 95-IV2400024480
RON 95-II,III2390024370
E5 RON 92-II2291023360
DO 0.05S1838018740
DO 0,001S-V1873019100
Dầu hỏa1719017530
ↂ Giá dầu thô thế giới
WTI$84.42-0.68-0.81%
Brent$86.68-0.93-1.08%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.550,0022.860,00
EUR25.268,1426.684,53
GBP30.226,5831.517,24
JPY192,39203,66
KRW16,5320,15
Cập nhật lúc 08:35:57 18/01/2022
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