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Online News Archive

Editor: Leslee Mason email Leslee

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July-August 2011

CIBC completes purchase of 41 percent of American Century Investments

August 31, 2011---CIBC announced today that it has completed the acquisition of a 41 percent equity interest in American Century Investments, a leading U.S.-based asset management company, for U.S.$848 million in cash.


Credit unions earn top customer service ranking among all financial institutions for seventh year

August 30, 2011---For the seventh consecutive year, Canadians ranked credit unions first in overall Customer Service  Excellence among all financial institutions, surpassing all Canadian banks in Synovate Canada's annual Best Banking Awards. Credit unions also took sole honours in two other categories: Values My Business and Branch Service Excellence.


TD ranked number one in Customer Service Excellent amoung top five banks

August 30, 2011---TD Canada Trust has earned the number one ranking in Customer Service Excellence among the top five banks in Canada  for the seventh year in a row, according to a survey by global market research firm Synovate. TD was an award recipient among the top five banks in all 11 categories and leads by a significant margin in five of the eleven categories.


CIBC recognized as Best in Mobile Banking in North America

August 30, 2011---CIBC today announced that it is being recognized by Global Finance Magazine as "Best in Mobile Banking" among North American Consumer Internet banks. This is the first year the mobile banking category has been included in the Global Finance awards, reflecting the emergence of mobile technology as a rapidly growing area in North American banking.


BDO, KPMG confirm sale of KPMG's consumer insolvency practice

August 29, 2011---Continuing to expand on one of Canada's most comprehensive financial recovery practices, BDO Canada  Limited is pleased to announce the integration of KPMG's consumer insolvency practice into BDO's national financial recovery services practice. Effective August 26th, 2011, the practices now operate under the BDO Canada  Limited name.


Canadian banks not immune to global challenges, Ernst & Young

August 25, 2011---Canadian banks are expected to continue doing well relative to their global peers but aren't necessarily shielded from the challenges plaguing the world's financial institutions, including concerns about growth, capital, data and regulatory issues, says Ernst & Young.


Mike Brooks joins FINCAD as senior vice president, chief operation officer

August 24, 2011--FINCAD, the market leader for innovative derivatives solutions in the financial industry, is pleased to announce that Mike Brooks has joined FINCAD as Sr. Vice-President and Chief Operating Officer and member of the Executive. He brings to FINCAD more than 15 years’ experience in the software industry in Vancouver.


GTA investment market poised for record year, buoyed by retail sector

August 23, 2011--The Greater Toronto Area (GTA) commercial real estate investment market has rebounded strongly from the market trough of two years ago. Solid property-market fundamentals and record sale volumes in the retail sector signal the GTA is poised to achieve unprecedented investment results by year-end 2011.


BDC delivers strong results as entrepreneurs' financial health improves

August 22, 2011--As Canada's economy emerged from recession and the flow of private sector credit available to small business gradually improved, the Business Development Bank of Canada (BDC) continued to provide strong support to Canadian entrepreneurs.


TD donates $20,000 to help community of Goderich following tornado

August 22, 2011--TD Bank Group and TD Friends of the Environment Foundation today announced a donation of $20,000  to help Goderich after being hit by Ontario's most powerful tornado in years. The tornado caused extensive damage to the town known as a popular tourist destination with historical charm.


TD Bank Group to acquire MBNA Canada's credit card business

August 16, 2011--TD Bank Group (TD) and Bank of America Corporation today announced a definitive agreement under which TD will purchase MBNA Canada's credit card portfolio, as well as certain other assets and liabilities. TD will pay a modest premium on an expected $8.5 billion of credit card receivables at closing.


Fidessa takes Fincad from buy-side to sell-side

August 12, 2011--Fidessa Group, a vendor of trading, investment management, and information solutions, has integrated Fincad’s derivatives pricing library into its sell-side trading platforms. Surrey, BC-based Fincad’s derivatives technology is already integrated into Fidessa’s buy-side platforms.


BC investors get more information about private capital raising

August 11, 2011--The British Columbia Securities Commission today announced steps it is taking to improve investor protection in the "exempt market". It will require more disclosure from companies that raise money in BC's securities markets under prospectus exemptions.


Led by improvements by Big Five banks, customer satisfaction with retail banking in Canada increases significantly from 2010

August 4, 2011--Investments in customer-facing systems and processes by the Big Five banks and midsize banks have contributed to a substantial increase in overall customer satisfaction with retail banks in Canada, according to the J.D. Power and Associates 2011 Canadian Retail Banking Customer Satisfaction StudySM released today.


Two-Thirds of 13.3 million Canadian online banking customers used online bill payment in Q1 2011

August 3, 2011 --comScore, Inc., a leader in measuring the digital world, announced the comScore Canadian Online Banking Insights report, providing a detailed look into emerging trends in the Canadian online banking industry. Based on comScore's opt-in research panel of approximately 40,000 Canadian Internet users, the detailed quarterly reports include web site visitation, online marketing metrics, transaction benchmarks and mobile banking data that yield critical insights into emerging trends and consumer behavior in the Canadian online banking industry.


Financial businesses unprepared for potential security breach

August 3, 2011 -- An independent survey conducted by Ipsos Reid across Canada, the U.S. and the UK on behalf of Shred-it, a world-leading information security company providing document destruction services, reveals that 30 percent of business operators in the financial sector are not worried about the potential implications of a security breach. This statistic stands in contrast to the 96 percent of financial service respondents who reported that they know of their legal obligation to protect client information, the highest percentage of all of the sectors surveyed.


US Legal Support Inc. automates order-to-cash cycle with AvantGard

August 2, 2011 -- US Legal Support Incorporated, a provider of full-service court reporting, record retrieval, legal staffing, litigation, trial and document review services, has selected SunGard’s AvantGard Receivables to help automate its order-to-cash cycle for improved operational efficiencies and cash flow.


Scotiabank Commodity Price Index edges down in June

July 27, 2011 -- After falling in May, Scotiabank's Commodity Price Index, which measures price trends in 32 of Canada's major exports, eased further in June, though the decline was slight at -0.3% m/m. The All Items Index has corrected only moderately by -2.8% from the April-2011 near-term peak and remains 55.3% above the cyclical low in April 2009, following the 'Great Recession'.


Customer satisfaction with Canadian retail banks up from 2010

July 26, 2011 -- Investments in customer-facing systems and processes by the Big Five banks and midsize banks have contributed to a substantial increase in overall customer satisfaction with retail banks in Canada, according to the J.D. Power and Associates 2011 Canadian Retail Banking Customer Satisfaction Study SM released today.


TD Canada Trust highest rated among "Big Five" Canadian retail banks

July 26, 2011 -- TD Canada Trust has received the highest ranking in customer satisfaction, according to the  J.D. Power and Associates 2011 Canadian Retail Banking Customer Satisfaction Study SM, for the sixth year in a row.


PC Financial earns top spot among mid-size Canadian retail banks

July 26, 2011 -- Reinforcing its commitment to unprecedented value and customer service, President's Choice Financial was today ranked "Highest in Customer Satisfaction Among Midsize Retail Banks, Five Years in a Row" in the J.D. Power and Associates 2011 Canadian Retail Banking Customer Satisfaction Study SM.


Reval hires Patrick Cannon to lead client services team globally

July 25, 2011 -- Reval, the premier provider of financial risk management Software-as-a-Service (SaaS) to corporations and financial institutions globally, announced today that Patrick Cannon has joined the company as Senior Vice President of Client Services to oversee dedicated Professional Services and Client Solutions teams in North America, EMEA and Asia Pacific. Cannon brings over 16 years of experience in client-facing roles in the financial technology industry.


Canadian pensions post meagre gains in second quarter

July 21, 2011 -- Faltering global equity markets largely erased fixed income advances during the June quarter, according to a survey just released by RBC Dexia Investor Services, which maintains the industry's most comprehensive universe of Canadian pension plans and money managers.


Government, consumer belt tightening to squeeze economic growth

July 21, 2011 -- Fiscal restraint by Canadian governments—and households—will curb national economic growth this year, according to The Conference Board of Canada's  Canadian Outlook - Summer 2011. Real GDP growth is expected to slow to 2.5 per cent in 2011, down from 3.2 per cent last year.


Home Trust Company goes live with banking solutions from SAP

July 20, 2011 -- Home Trust Company, one of Canada's leading Trust companies and ninth largest deposit-taking financial institution, and a wholly owned subsidiary of Home Capital Group Inc., today announced it has successfully gone live with solutions from the SAP® For Banking solution portfolio. With these offerings from SAP AG, Home Trust has joined a growing list of financial institutions worldwide by investing in a platform to power its growth. With the implementation of SAP for Banking solutions, Home Trust has improved its ability to introduce new products, enhance reporting of business operations, achieve substantial new efficiencies and drive future growth and profitability.


Tepid U.D. recovery, mounting fiscal burden pose added risks for Canada

July 15, 2011 -- The current drama in Washington over increasing the U.S. debt ceiling and related conditions to reduce deficits is just the opening act in a long series of intense negotiations. There is no pain-free way for the United States  to deal with its excesses of the past, which has added to the risks for sustained growth in  Canada, according to a Conference Board of Canada briefing released today.


Online investors in it for the long haul

July 12, 2011 -- The vast majority (85 percent) of online investors are using their online investing accounts for either long-term  goals  or a combination of long-term and short-term ones, according to the latest  RBC Direct Investing poll. Contrary to popular perception that many online investors are looking for quick financial gains, just nine percent of Canadian online investors are seeking short-term profit through their online investing accounts.


Canadian investors bullish on emerging markets

July 12, 2011 -- Canadians believe the emerging markets—in particular Asian nations such as China and India —represent the best investment opportunities, according to Franklin Templeton Investments Corp.'s latest national research.


Deutsche Bank STP honours Cambridge Mercantile Group

July 11, 2011 -- Cambridge Mercantile Group, a leader in the foreign exchange and global payments industry, has received the Deutsche Bank Straight Through Processing (STP) Excellence Awards in recognition of the outstanding STP rating of 98.57% for USD payments and 99.96% for EUR payments. This marks the third consecutive year Cambridge has been honoured with the Deutsche Bank STP Excellence Awards.


Business confidence falls slightly in June

July 6, 2011 -- Optimism among Canada's small- and medium-sized business owners fell slightly in June. According to the latest business confidence survey findings from the Canadian Federation of Independent Business (CFIB), the business confidence index came in at 66.3, down about a point from May's 66.9 level and its 70.7 April peak

Magnum Pv offers bankable financing solutions for solar customers Aug 25, 2011

Canadians with debt challenges soon to have more solutions Aug 4, 2011



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