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Banking News

CIBC wins multiple awards for Project Finance Deals of 2013
Project Finance Magazine and Project Finance International Magazine have recognized CIBC's lending deals with five different project finance awards. CIBC has been awarded both the North American Midstream oil & Gas Deal of the Year, as well as the North American Solar Deal of the year by the Projects Finance Magazine Deal of the Year, which recognizes firms for innovation, deal repeatability, best practice, problem solving, risk mitigation, value for money and speed of delivery in the financing of infrastructure project. The key industry benchmark for firms involved in the financing of projects around the world, The Project Finance International (PFI) Magazine Awards has also recognized CIBC for three different projects completed in 2013.
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BMO Financial Group Completes Acquisition of F&C Asset Management plc
Bank of Montreal, the oldest bank in Canada, has completed the acquisition of F&C Asset Management plc through its wholly owned subsidiary , BMO Global Asset Management (Europe) Limited. With this acquisition, BMO Global Asset Management positions itself as a globally significant money manager, with 24 offices in 14 countries.
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Bank of Canada announces appointment of Lynn Patterson as Deputy Governor
Lynn K. Patterson has been appointed Deputy Governor of the Bank of Canada and will join the Bank's Governing Council, it was announced last week. Ms Patterson will step in to fill the vacancy left by Deputy Governor John Murray, who retired in May. Her responsibilities will include overseeing the Bank's analysis and activities to promote a stable and efficient financial system, following a reallocation of responsibilities among the Bank's Governing Council members announced by Governor Poloz.
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OECD backs away from call for Canada to hike rates
The Organization of Economic Cooperation and Development, a think –tank based in Paris, has backed away from its call for the Canadian central bank to pull the rate-hike trigger at the end of this year. In order to avoid inflation, the OECD had previously signalled the Bank of Canada might need to start raising interest rates in 2014. It has now suggested the Bank should maintain its current policy stance. The OECD has also raised economic outlook for Canada to 2.5% in 2014 and 2.7 in 2015, up from its November forecast of 2.3% for 2014 and 2.7 in 2015.
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ICICI Bank cuts its equity in UK, Canada arms

ICICI Bank, India's largest private sector bank, has trimmed its total equity investment in ICICI Bank UK and ICICI Bank Canada. ICICI bank announced it was reducing equity investment from about 11 percent of its net worth to about 7 per cent at the end of March 31, 2014, due to the local business environment and regulatory development. Both subsidiaries will target multi-national corporations, select local market corporates, subsidiaries and joint ventures of Indian companies, and will also participate in syndication transactions, and will continue to focus on offering short-term loans, working capital lines, trade and transaction banking products.
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Canadian Tire Corporation and Scotiabank Enter Strategic Business Partnership
Scotiabank has acquired a 20% equity interest in the Canadian Tire Corporation's financial services business for $500 million in cash. The acquisition comes as part of a newly announced strategic partnership that creates unprecedented opportunities for joint marketing to drive new business growth.
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CIBC kicks off the 2014 FIFA World Cup Brazil™ by giving Canadians the chance to travel anywhere in the world the beautiful game is played

CIBC has launched a new contest to kick off the 2014 FIFA World Cup in Brazil. CIBC Aventura clients who use their card between May 1 and July 31, 2014 will have the chance to win 1,000,000 Aventura points, enough for a family of four to fly to any of the 32 qualified 2014 FIFA World Cup™ countries.
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Member News

 
Global Relay's Zero Carbon data centre of the future...
Founded fifteen years ago as a three-person tech start-up, Global Relay has grown into a trusted global service provider to the world's most powerful banks and financial firms. Behind this success are a pioneering vision, a focused strategy, and a commitment to continuous creativity and innovation. As a provider of services to global banks and enterprise customers, Global Relay has built its own world-class, fully owned and managed data centre to offer unparalleled scalability and security. This is the first of two mirrored state-of-the-art data centres and has been constructed with superior performance and eco-friendly design principles.
 
CGI signs contract with Desjardins Group as part of the acquisition of State Farm Canadian operations
CGI has signed a 21 month contract with Desjardins Group for an undisclosed amount. The deal comes as Desjardins prepares its acquisition of the American insurance giant State Farm. CGI will be assisting with adapting IT systems and converting data, as well as lending its business integration expertise.
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Shell boosts dividend after beating first quarter estimates
Royal Dutch Shell shares were among the top performers in the FTSE 100, up by more than 3 % by the end of April. Shareholders received a higher dividend after better than expected first quarter earnings. High performance was linked to stronger gas results, offset by the impact of exploration write-offs, and higher costs and depreciation, as well as profitable production from the Gulf of Mexico and Iraq.
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Quebec Film by award winning director Xavier Dolan showing in the UK and Ireland
A new film by award winning Quebec Actor-Director Xavier Dolan has opened in cinemas across the UK and Ireland. Psychological thriller 'Tom at the Farm' won the FIPRESCI award at the Venice International Film Festival and was in the official competition at the BFI London Film Festival.
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B.C. on track to have Woodfibre LNG project running by 2017: Clark
B.C Premier Christy Clark has signed a letter of intent with Woodfibre LNG lead director Imelda Tanoto in Singapore last week. The agreement, if finalized, would see at least one liquefied natural gas project take place in BC before the next provincial election in 2017. LNG hopes to start shipping natural gas in liquid form from BC to Asia by late 2018.
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Canadian university and college students rank EY #1 employer for accounting, #2 for business
EY has been given top marks by Canadian college students and by universities. The company has been ranked the #1 employer for accounting and #2 for business in the latest Canadian Student Survey. The news comes as EY is celebrating 150 years in Canada in 2014.
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Canada Life announces Ian Gilmour retirement and appointment of Douglas Brown as UK Division CEO
Executive Vice-President and General Manager of Canada Life, UK Division, Ian Gilmour is retiring from Canada Life Limited it was announced last month. Mr Gilmour will leave at the end of May after 17 years at the company. Mr Gilmour will be replaced by Douglas Brown, currently at the company's UK division as Chief Operating Office.
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Rotman School Expansion Receives Canada's Highest Honour for Architecture
The Rotman School of Management has received the Governor General's Medal in Architecture for its expansion. Award-winning Kuwabara Payne McKenna Blumberg Architects designed the expansion, intended to double the amount of space at the school. Opened in 2012, the expansion also now houses several of the Rotman School's research and education centres including the Desautels Centre for Integrative Thinking and Rotman DesignWorks.
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