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Here are the top reads on deals and financial services over the last 24 hours,

FINANCIAL SERVICES NEWS

Profits rise at Scotiabank and BMO despite international division weakness: Lively capital markets pushed first-quarter profits higher at Bank of Nova Scotia and Bank of Montreal, despite uncharacteristic weakness in both banks’ international divisions. (James Bradshaw)

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BMO names new head of retail banking: Bank of Montreal gave two of its senior executives new responsibilities for winning over customers in an increasingly digital business. (Andrew Willis and James Bradshaw)

Big banks report record highs in capital markets results: A spike up in fixed income trading revenue and investment banking fees is driving exceptional quarterly results for the capital markets divisions of Canada’s large banks, with three of the Big Six so far reporting stronger results for the fiscal first quarter of 2020. (Mark Rendell)

Bank of Canada decides against launching digital currency for now: The Bank of Canada doesn’t yet see a need to create its own digital currency, even as some central banks advance toward e-money. (David Parkinson)

DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS

Rural internet provider Xplornet to be acquired by U.S. private equity firm Stonepeak: Rural internet provider Xplornet Communications Inc. has struck a deal to be acquired by New York-based private-equity firm Stonepeak Infrastructure Partners, according to two people familiar with the matter. (Alexandra Posadzki and Andrew Willis)

Georgian Partners closes Canada’s first private sector $1-billion+ venture capital fund: Georgian Partners Inc. has raised Canada’s first $1-billion-plus private-sector venture capital fund. The Toronto late-stage financier has raised US$850-million ($1.1-billion) for its fifth fund, US$100-million more than it targeted when it informed the regulator about the offering in September, Georgian confirmed in a filing with the U.S. Securities Exchange on Tuesday.

Meridian Credit Union completes $125-million financing from Quebec’s Caisse: Meridian Credit Union Ltd. raised $125-million in debt from the Caisse de dépôt et placement du Québec, as the credit union seeks to keep capital in line with aggressive plans for expansion. (Mark Rendell)

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