The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Warren Buffett to buy 700 million shares in Bank of America
– canadianbusiness.com
Warren Buffett’s Berkshire Hathaway said Friday it will amass a 700-million-share stake in Bank of America, making Buffett the largest shareholder in two of the nation’s largest banks.
Berkshire said that it will convert warrants it purchased in Bank of America back in 2011, when the bank was struggling following the financial crisis, into common shares in the bank. The stake in the bank will make Berkshire the largest shareholder in Bank of America, exceeding mutual fund giant Vanguard.
Buffett said in his annual shareholder letter that he would convert his warrants in Bank of America to common stock if the bank were ever to raise its annual dividend above 44 cents a share, which the bank did this week. This week, the bank announced it would raise its annual dividend to 48 cents a share starting in the third quarter.
After the bank raises the dividend, Buffett will convert his warrants at a price of $7.14 a share, which is significantly below the stock’s current price of about $24 a share…
Berkshire said that it will convert warrants it purchased in Bank of America back in 2011, when the bank was struggling following the financial crisis, into common shares in the bank. The stake in the bank will make Berkshire the largest shareholder in Bank of America, exceeding mutual fund giant Vanguard.
Buffett said in his annual shareholder letter that he would convert his warrants in Bank of America to common stock if the bank were ever to raise its annual dividend above 44 cents a share, which the bank did this week. This week, the bank announced it would raise its annual dividend to 48 cents a share starting in the third quarter.
After the bank raises the dividend, Buffett will convert his warrants at a price of $7.14 a share, which is significantly below the stock’s current price of about $24 a share…
Who wins and who loses in the event of a rate hike from the central bank?
– canadianbusiness.com
Another month of solid growth for the Canadian economy in April and upbeat survey results from the Bank of Canada have strengthened expectations that the central bank will soon begin increasing interest rates for the first time in seven years.
Higher borrowing costs would have far-reaching implications for average Canadians, rate-sensitive industries and the broader economy. Below is a breakdown of some potential winners and losers.
The banks
With the Bank of Canada keeping its main policy rate near rock-bottom levels since the 2008 financial crisis, Canadian banks have found their net interest margins _ the difference between the money they earn on the loans they make and what they pay out to savers _ under pressure.
“As interest rates have continued to decline, they couldn’t lower their funding costs anymore,” says Barclays analyst John Aiken.
For example, the banks fund much of their lending via deposits, and they don’t want to reduce the interest rate on savings accounts to below zero, Aiken notes…
Higher borrowing costs would have far-reaching implications for average Canadians, rate-sensitive industries and the broader economy. Below is a breakdown of some potential winners and losers.
The banks
With the Bank of Canada keeping its main policy rate near rock-bottom levels since the 2008 financial crisis, Canadian banks have found their net interest margins _ the difference between the money they earn on the loans they make and what they pay out to savers _ under pressure.
“As interest rates have continued to decline, they couldn’t lower their funding costs anymore,” says Barclays analyst John Aiken.
For example, the banks fund much of their lending via deposits, and they don’t want to reduce the interest rate on savings accounts to below zero, Aiken notes…
