Canadian banks tempted by the US rebound

The big bosses of Canadian banks say they are looking to expand their activities in the United States, which is experiencing a strong economic rebound in the wake of the difficulties brought by the pandemic.

Speaking at the Scotiabank Financial Summit, Scotiabank CEO Brian Porter said the country was showing a stronger rebound than other markets his bank operates in, such as the Caribbean and Latin America.

“The economic recovery is not equal across the world, as we all know,” he said. Clearly, the United States is leading the pack. “

According to him, Canada is not far behind, although the gross domestic product of the United States grew by 6.6% in the second quarter, while that of Canada saw a decline of 0.3%. .

Brian Porter said his institution wanted to grow its business in the United States, particularly on the wealth management side, and was considering acquisitions to do so.

Growth opportunities

Royal Bank CEO Dave McKay, for his part, said his financial institution plans to use its base in the United States to tap the $ 60 billion to $ 70 billion in potential revenue of midsize businesses to earn in loans and transactions.

McKay explained that the Royale is using the City National Bank base, Los Angeles-based businesses acquired in 2015, to fuel growth for businesses and high net worth clients.

His counterpart at the Bank of Montreal, Darryl White, pointed out that the bank continues to expand its capacity in the United States, which has enabled it to open new business operations in places such as Florida, Texas and the United States. Colorado just a few weeks ago.

TD Bank CEO Bharat Masrani said TD already has a strong presence in the country with more than 10 million customers, but continues to build capacity there, including included in its wealth management offer.

“There is enormous potential [aux États-Unis], and if there is a way for mergers and acquisitions to accelerate our growth aspirations, of course we should seriously consider it. “

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