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. Last Updated: 07/27/2016

Canada Mergers Nixed




TORONTO -- Four of Canada's biggest banks suffered a stinging defeat Monday when the finance minister rejected merger proposals that would have created two mega-banks controlling 70 percent of the nation's banking assets.


The mergers would have joined Royal Bank of Canada, the country's largest bank, with third-ranked Bank of Montreal, and second-ranked Canadian Imperial Bank of Commerce with No. 5 Toronto-Dominion Bank. They would have controlled about 960 billion Canadian dollars ($623 billion).