Tuesday, June 21, 2005

I am definitely an Idiot.......

because I still can't get my head around the necessity of Canadian bank mergers. Given the fact that we have 19 Schedule I banks, and really only 5 are players on the international scene, I don't see domestic competition or fragmentation driving this.

The story I have heard being kicked around is that the Canadian bank's lack the scale and muscle to compete on an international basis. Well given that most large and I do mean large loans are often done as syndicates, I don't see the need to bulk up at the expense of screwing the Canadian consumer.

Now if the government had the guts to allow foreign banks into the country with no restrictions..............that would be another story.

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