National Bank of Canada has appointed Pierre Blouin to its board of directors, signalling the importance of developing more digital banking capabilities as the lender responds to dramatic technological changes within retail banking.
Mr. Blouin was most recently chief executive officer of Manitoba Telecom Services Inc. until he retired at the end of 2014. Before that, he worked for 20 years at BCE Inc., where he served as group president of consumer markets for Bell Canada and president and CEO of Bell Mobility – providing him with a lot of experience in the area of digital transformation.
"With Canadian financial institutions today operating in an increasingly complex technological environment, Pierre Blouin's expertise as a CEO of digital technology companies will be an important asset to National Bank's board," Jean Houde, National Bank's chairman, said in a statement. Story
Regulatory relief could be on the way for some bond investors
Staff at Canada's securities commissions are signalling a willingness to revisit a recent rule change that's being blamed for reducing liquidity in the bond market.
In a staff notice on Thursday, the Canadian Securities Administrators tried to clarify the scope of an exemption that is meant for international dealers, such as U.S. banks, that puts more restrictions on their ability to trade certain debt securities with accredited investors in Canada. Those assets include Canadian bonds that are issued in another country. Story
DAILY DEALS
CPPIB taking stake in OMERS' Toronto, Calgary offices for $1.2-billion
Two of Canada's largest pension funds are building out their commercial real estate partnership across Canada with a deal to co-own several large office buildings in Toronto and Calgary.
The Canada Pension Plan Investment Board said it would buy half of a bundle of seven office properties from the real estate arm of the Ontario Municipal Employees Retirement System for nearly $1.2-billion. As a result of Thursday's deal, the two pension funds now co-own 12 million square feet of office space across Canada. That is roughly equivalent to four times the size of First Canadian Place in Toronto, where Bank of Montreal has its headquarters. Story
Cara to buy Original Joe's for $93-million
The Original Joe's, State & Main and Elephant & Castle restaurant-bar chains will be acquired later this year by Cara Operations Ltd., which sees an opportunity to increase its presence in Western Canada.
Under transactions announced Thursday, Cara will pay $93-million for a majority stake in Original Joe's Franchise Group Inc., which will remain under its current management and keep its corporate head office in Calgary. Story
Deutsche Bank mulling sale of asset-management unit
Executives at Deutsche Bank AG are contemplating dramatic options for the German lender, including selling all or part of a key business, a sign of growing pressure to speed up a flagging overhaul. Story
IN CASE YOU MISSED IT
Potash-Agrium: A match made with M&A might: Andrew Willis weighs in. Story
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