Canaccord Genuity Group Inc. has lost another marquee investment banker.
Justin Bosa, who headed Canaccord's real estate group, is leaving the firm to take a similar position at Scotia Capital Inc.
Mr. Bosa "will be responsible for new business development and senior execution of merger and acquisition (M&A) advisory and equity financing mandates in the real estate sector," Scotia wrote in an internal memo released Tuesday.
"Justin has almost 20 years of investment banking experience and his expertise in real estate is highly recognized."
Mr. Bosa, who joined Canaccord in 2000, was one of the boutique's biggest producers last year. He is the third banker to leave in the firm in the past few days.
On Monday, Canaccord announced that Sanjiv Samant, who was the head of technology, media and telecom banking, and Brent Layton, also a TMT banker, had left for National Bank Financial.
The loss of three bankers inside of a week is another setback for Canaccord in what has been a difficult 12 months for the firm. In its last fiscal year, which ended on March 31, the firm booked a $358.6-million loss, its steepest by far since going public in 2004. Most of that loss was due to a writedown in the value of its capital markets business. Story
Suncor launches $2.5-billion financing
In one of the largest bought deals in Canadian history, Suncor Energy Inc. has announced a $2.5-billion offering to be used to reduce debt and to fund the acquisition to give it a majority stake in Syncrude Canada Ltd.
Suncor said it has entered into an agreement to sell 71.5 million shares at a price of $35 per share.
"The net proceeds of the offering will be used for the previously announced acquisition of an additional 5-per-cent interest in the Syncrude joint venture and to reduce certain outstanding indebtedness," a news release said Tuesday.
The shares are being offered at a 4.1-per-cent discount to their Tuesday closing price, signalling some confidence from the underwriters. Had Suncor's advisers been more worried about getting the deal done, they likely would have set the offer price lower in order to lure buyers. TransCanada Corp.'s $4.4-billion financing in March, for instance, was priced at a 7.4-per-cent discount. Story
National's wealth management push moves west
National Bank of Canada is pushing further into the western provinces with a new private banking office in Vancouver to serve wealthy clients on the West Coast as it tries to build the country's biggest book of business with the well-heeled.
Executives with National, the smallest of the Big Six banks, said the lender's private banking business has amassed assets under management of $17-billion since it launched in 2009, almost entirely in Quebec. The new office opening Wednesday on Vancouver's Alberni Street next to a De Beers diamond jeweller is part of an aggressive effort to replicate that growth in western cities and claim top spot in private banking, whose largest player, Bank of Montreal, currently manages an estimated $24-billion. National opened a separate office for its 1859 Private Banking unit in Calgary this past January.
"Our strategy is just to grow faster than all the others" in targeted markets west of Winnipeg, Luc Paiement, co-chief executive of National Bank Financial and the head of wealth management, said. "We're seeing lots of good potential clients and it's just a matter of time." Story
Lexpert
In North America, New Flyer Industries is the biggest builder of city buses; Motor Coach International is the biggest builder of highway buses. The two seemed a perfect match, with separate businesses dovetailing without much of any overlap. So what was the holdup? Financing. Story
ON THE MOVE
Luc Jobin is taking the top job at Canadian National Railway Co., replacing Claude Mongeau as chief executive officer of Canada's largest railway. Story
DAILY DEALS
South Korea's Hotel Lotte Co. Ltd. on cut the value of its planned IPO to a maximum $4.56-billion and pushed its stock exchange listing to July. Story
Verizon Communications Inc. plans to submit a second-round bid of around $3-billion for Yahoo Inc.'s core Internet business, The Wall Street Journal reported. Story
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