Here are the top reads on deals and financial services over the last week,
It’s his job to prepare for calamities. COVID-19 pushed TD beyond its playbook: When Canada plunged into a COVID-induced lockdown in mid-March, TD Bank chief risk officer Ajai Bambawale spearheaded the bank’s response for its over 2,000 branches across Canada and the U.S. (James Bradshaw)
B.C. furniture e-commerce company Cymax Group hires RBC, TD to lead IPO: B.C. furniture e-commerce company Cymax Group Inc. has hired two Bay Street banks to lead its initial public offering as early as next spring, following a string of Canadian digital companies that have done the same in response to strong investor demand for tech stocks during the pandemic. (Sean Silcoff)
A new wave of cheap debt is dramatically improving Canadian companies’ prospects: Ultralow interest rates are fuelling debt refinancings from Canadian companies, dramatically improving their chances of enduring the COVID-19 pandemic – and setting them up to thrive in its aftermath. (Tim Kiladze)
Apollo faces growing shareholder opposition to its $2.1-billion bid for Great Canadian Gaming: Apollo Global Management Inc.’s proposed $2.1-billion takeover of Great Canadian Gaming Corp. is facing more opposition from shareholders who complain that the price is too low given the company’s control over casinos in the Greater Toronto Area. (Jeffrey Jones)
Investment regulator accuses Gary Ng of fraud: The former owner of Vancouver-based investment bank PI Financial Corp. is facing accusations of fraud after allegedly falsifying documents and creating fake brokerage accounts to borrow approximately $172-million, part of which he used to purchase PI Financial. (Mark Rendell)
Telesat to go public as it pursues its low earth orbit satellite program: Ottawa-based Telesat Canada is going public on the Nasdaq Stock Exchange as it looks to raise funds for a multibillion-dollar project to beam high-speed internet to remote areas from a constellation of 300 low-Earth orbit satellites. (Alexandra Posadzki)
Boralex expands green energy reach with wind, solar deals in Quebec, U.S.: Boralex Inc. is on a shopping spree to expand its green power generation, spending more than $400-million on solar and wind facilities in the United States and Canada in two separate deals. (Jeffrey Jones)
RBC clients appeal after judge refuses to certify class action lawsuit against the bank: A group of investors has filed an appeal after a judge dismissed their class-action lawsuit against a mutual fund division of Royal Bank of Canada that offered its advisers higher commissions for selling RBC funds than it did for selling competing funds. (Clare O’Hara)
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