Here are the top reads on deals and financial services over the last 24 hours,
OSFI reprimanded Scotiabank for unsatisfactory record-keeping in Puerto Rican operations: Canada’s banking regulator reprimanded Bank of Nova Scotia for inadequate record-keeping in its Puerto Rican operations, years before this country’s third-biggest bank decided to sell its 109-year-old subsidiary at a loss. The Office of the Superintendent of Financial Institutions (OSFI) visited Scotiabank de Puerto Rico, the oldest foreign bank in the U.S. territory, to audit its commercial credit files in 2014, according to two people familiar with the matter. Story (Rita Trichur)
Why Murray Edwards keeps investing in Alberta’s oil sands: In one of the great contrarian investments of our time, billionaires such as Murray Edwards and Li Ka-Shing are pouring money into Alberta’s oil sands. While foreign energy companies were selling their oil-sands holdings and investors were purging domestic energy stocks from their portfolios, Mr. Edwards’s Canadian Natural Resources Ltd. (CNRL) and Li family-controlled Husky Energy Inc. have increased their stakes in the region. As part of a massive shift in ownership that has seen more than $37-billion of oil-sands assets change hands, CNRL dropped $16.5-billion to acquire properties from Devon Energy Corp. and Shell Canada Ltd., while Husky spent US$435-million on a heavy oil refinery last summer. Opinion (Andrew Willis)
Bidder on 407 says its case will hinge on expansion of pension fund operations: One bidder in the court battle over SNC-Lavalin Group Inc.’s stake up for sale in Ontario’s Highway 407 toll road says the increasingly active role of pension funds in infrastructure projects has put them in direct competition with construction and engineering firms. Story (Alexandra Posadzki and David Milstead)
Carolyn Rogers aims to leave mark on global financial system as first Canadian head of Basel Committee: When Carolyn Rogers joined Canada’s banking regulator in the fall of 2016, she was thrust into the final stages of an international effort to change the rules for banks. The Basel III accord – a package of standards that forced banks to carry more capital and limit the risks they take – began as a response to the global financial crisis of 2008. It took years of negotiations to complete, and now Ms. Rogers is getting another chance to put her stamp on that project. Story (James Bradshaw)
Canada gains its first robo-adviser platform geared toward women: After working for 23 years on Bay Street, former bank executive Tuula Jalasjaa is tackling financial literacy for female investors by launching the country’s first robo-adviser platform for women. Smart Money for Her – a digital online portfolio manager – is an investing tool “designed for women, by women,” says Ms. Jalasjaa, who saw the need for such a tool several years ago when she was head of HollisWealth, the Bank of Nova Scotia’s independent investment-advisory firm. Story (Clare O’Hara)
MORE FINANCIAL SERVICES NEWS
Deutsche Bank careers end in an envelope, a hug and a cab ride: Summoned by human resources to be handed a Deutsche Bank envelope, many of its staff across the world then left their desks for the last time on Monday, shown the door by their German employer within hours of a restructuring announcement. Story (Reuters)
Privacy watchdogs launch investigation over Desjardins data breach: A pair of privacy watchdogs are launching an investigation after a data breach at Desjardins Group that affected nearly three million members. Story (Canadian Press)
MORE DEALS NEWS
WeWork looking to raise up to $4 billion in debt ahead of IPO, source says: Shared office space manager WeWork Cos is looking to raise $3 billion to $4 billion in debt before it goes public, a person familiar with the matter said on Sunday, a move aimed to fuel investor confidence in the company. Story (Reuters)
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