A look at some must-read news on deals and deal makers around the world.
A Canadian bank with acquisitions plans
Canadian Western Bank is looking at acquisitions to grow. Larry Pollock, the head of the bank, is considering purchases in areas such as small-ticket leasing and credit unions as he looks to grow the Alberta based company under the nose of bigger rivals such as Royal Bank of Canada.
Ontario names Wetston to head OSC
Former federal court judge Howard Wetston will be the Ontario government's nominee to succeed David Wilson as head of the Ontario Securities Commission, Reuters reported, citing an unidentified source.
Mr. Wetston would take over the OSC at a crucial time, as the federal government pushes to merge securities regulators across the country. He has experience, having previously served as a vice chairman of the commission.
JPMorgan investment banking revenue slumps
JPMorgan Chase & Co. reported earnings Wednesday morning and it doesn't bode well for the investment banking industry. The firm said revenue at its investment bank dropped to about $5.4-billion (U.S.) in the third quarter from $6.3-billion in the second, a sequential decline that illustrates just how quickly the securities business is cooling off. Equity underwriting and fixed income trading were both big contributors to the drop.
Lower provisions for bad loans helped the bottom line. Expense control also helped keep net income from falling as fast, but that doesn't mean good things for paycheques, the biggest expense in the investment banking business.
And they're off -- European banks start race to raise capital
Standard Chartered PLC is planning to raise about £3.3-billion in a rights offering that analysts are reading as the possible beginning of a wave if bank financings in Europe as lenders get ready for more stringent capital requirements.
Turkish media assets attract big-name bidders
Apparently they still like newspapers in Turkey, because the sale of the country's best selling newspaper and the local CNN service is attracting potential bidders such as KKR & Co. and TPG Capital. Goldman Sachs Group Inc. is running the auction, which was prompted by a huge back taxes bill that the Turkish government sent to the assets' owner, Bloomberg reported.