Here are the top reads on deals and financial services over the last 24 hours,
Devon Energy puts Alberta oil sands assets on the block, adding to exodus of foreign firms from Canada: Devon Energy Corp. has put its Alberta oil sands and heavy crude operations on the auction block, adding to an exodus of foreign oil and gas companies from the Canadian oil patch. Oklahoma-based Devon said it has hired financial advisers to help it seek buyers for the Canadian business, which includes the sizable Jackfish steam-driven oil sands project and a smaller heavy oil operation. Story (Jeffrey Jones, for subscribers)
Sun Life hires long-time TD executive: Sun Life Financial Inc. has hired long-time Toronto-Dominion bank wealth executive, Rowena Chan, as the insurer sharpens its focus on customer service. Ms. Chan will become president of Sun Life Financial Distributors, a position that will oversee the company’s 4,000-adviser network. Story (Clare O’Hara, for subscribers)
Open banking will benefit Canadians if government leads on regulation: Last month, the federal Department of Finance launched a public consultation on open banking, asking for input from the public and stakeholders. This consultation is kindling a debate that involves many interested parties and stretches far beyond the confines of banking to broader issues of how a modern, digitally-enabled country chooses to evolve and change. Opinion (Andrew Moor)
MORE FINANCIAL SERVICES NEWS
Energy policy: The chief executive officers of Canada’s largest bank and its largest pipeline company say the country needs an energy strategy that will better balance environmental and Indigenous goals with the need to develop its abundant oil and gas resources. Story
Tax fraud: A French court found Swiss bank UBS AG guilty of illegally soliciting clients and laundering the proceeds of tax evasion, ordering it to pay €4.5-billion (US$6.7-billion) in penalties. Story
MORE DEALS NEWS
IPO: Lyft Inc. plans to launch the roadshow for its initial public offering during the week of March 18, making it the first U.S. ride-hailing company to debut in the stock market, people familiar with the matter said on Wednesday. Story
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