Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
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Bank CEOs say their Caribbean operations stand to benefit from cheaper oil
– canadianbusiness.com
TORONTO – A combination of lower oil prices and cost-cutting is poised to help improve the Caribbean operations of some of Canada’s biggest banks, a region where they have struggled for years.
While they brace for loan losses and lower revenues in Western Canada due the plunge in oil, the big banks say the Caribbean is set to benefit from the decline.
“They’re one of the biggest beneficiaries of cheaper oil, so there are some positives finally starting to creep in to the economic outlook of the region from that perspective,” Royal Bank of Canada chief executive David McKay said during a banking conference last week.
The Caribbean economy has been in a slump since the global financial crisis caused a slowdown in the region’s vital tourism industry. That has hurt the profits of several Canadian banks that have operations in the region.
The Royal Bank (TSX:RY) announced last year it is exiting its Caribbean wealth management business, after selling its Jamaican operations at a loss…
While they brace for loan losses and lower revenues in Western Canada due the plunge in oil, the big banks say the Caribbean is set to benefit from the decline.
“They’re one of the biggest beneficiaries of cheaper oil, so there are some positives finally starting to creep in to the economic outlook of the region from that perspective,” Royal Bank of Canada chief executive David McKay said during a banking conference last week.
The Caribbean economy has been in a slump since the global financial crisis caused a slowdown in the region’s vital tourism industry. That has hurt the profits of several Canadian banks that have operations in the region.
The Royal Bank (TSX:RY) announced last year it is exiting its Caribbean wealth management business, after selling its Jamaican operations at a loss…
