(January 31 – 12:50 ET) – Ottawa’s approval of the TD-CT Financial Services deal will harm the Canadian banking industry, says the Canadian Federation of Independent Business. The CFIB expressed the major concerns of small and medium-sized businesses to Finance Minister Martin last August.
Those concerns are equally valid today, says Catherine Swift, CFIB’s president. “This deal marks the demise of the Trust industry, which was the best opportunity to develop a strong second tier of banking in Canada. This decision will have a negative impact on consumer choice.”
Additionally, the CFIB says its concerned with the inadequacy of the process of review and consultation that lead up to today’s approval beacuse it raises the specter of another round of big bank mergers done behind closed doors. CFIB is “deeply disappointed” that the views of its members were overlooked, says Swift.
-IE Staff