CDN Banks Acquiring US Banks

PolitiSUCK
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This is a really interesting trend that i have particular interest in because i work very closely with the insurance divisions of Canada’s #1 and #2 banks…

BMO (Bank of Montreal) just acquired the largest bank in Wisconsin (M&I Bank) for a stock share. Earlier in the year Canadian banks acquired a slew of other properties including some american ones…

full article

MORE U.S. DEALS LIKELY

Canadian banks emerged from the global financial crisis in much better shape than many rivals and have been seeking growth opportunities abroad. The United States, with its still-fragile banking sector, is a key target.

Milwaukee-based M&I is Wisconsin’s biggest bank, and the deal would create the 15th-largest banking group by assets in the United States, BMO said.

M&I has 374 branches and about $52 billion in assets. BMO has 321 U.S. branches and $110 billion in U.S. assets.

CANADIAN BANKS ACTIVE IN M&A

Canadian banks, dubbed the strongest in the world in a Bank of International Settlements report, have been active global buyers.

Recent moves include Royal Bank of Canada (RY.TO), the county’s biggest lender, buying Hong Kong wealth management assets of Fortis Bank (FORTS.IS) and a $1.5 billion deal to buy British fund manager BlueBay Asset Management (BBAY.L); No. 3 bank Bank of Nova Scotia (BNS.TO) acquired South America banking operations from both Commerzbank AG (CBKG.DE) and Royal Bank of Scotland [ABNNV.UL]; and No. 2 lender Toronto-Dominion Bank (TD.TO) has been adding to its U.S. retail bank network.

“The appetite is there to acquire and we’ll likely see more deals, but not in the same size as this one,” John said.

Obviously being a Canadian i’m happy about this, but does someone have a link to where we can see the ranking of largest banking groups in north america and their size?

I am told that TD group is now the 4th largest in North America… behind Citi and BofA i am sure.

It strikes me as a terrible thing for so many US banks to be filing for bankruptcy. Do they get aborbed into larger banks or just dissappear?

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The FDIC seizes their operation and finds a home for them with other banks. If they are REALLY fucked, they end up just reimbursing people’s deposits and trying to sell off what they can of the loan portfolio.

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Link to top 25 NA Banks by assets: HERE

That is almost 2 years old though…

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That list is weird, there are a lot of banks headquartered outside of NA for a variety of reasons that aren’t on there.

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TD Bank about to do another: HERE

Toronto-Dominion Bank is close to an agreement to buy Chrysler Financial from private equity firm Cerberus Capital Management for $6.3 billion, a source familiar with the matter said on Monday.

Fry, the list was just top north american banks… here are the top 10 world wide: list

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yeah, what I meant was there are some banks whose N.A. operations would be enough to be on that list but arent cause of where they are headquartered

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well that’s the point isn’t it?

anyways… looking forward to move of this. I bank with TD and work very closely with them. Their corporate culture is fantastic to do business with, really fantastic. I’ll be switching my mortgage over to them when my current term is up.