(February 3 – 11:00 ET) – All five of Canada’s major banks announced rate increases this morning.
TD Bank and Canada Trust, Bank of Montreal, Bank of Nova Scotia, Royal Bank and CIBC all increased their prime lending rates from 6.5% to 6.75%, effective Friday Feb. 4.
The move follows a similar rate hike by the U.S. Federal Reserve Board yesterday, which was mimicked by the European Central Bank and the Bank of Canada this morning.
Insurance corporations and pension funds issuances totalled $12.5 billion
The bank announced this week it will be split and sold to Fairstone and National Bank
The deal will see Loblaw take about a 16% stake in the bank
Its Canadian wealth management revenue was up 18% in the quarter from a year earlier
Rate hikes likely not needed anytime soon, as cost pressures stable
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