The Business of Bank Mergers: A Sound Strategy for Canada
Publication:
The Empire Club of Canada Addresses (Toronto, Canada), 20 Nov 1998, p. 240-252


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The Business of Bank Mergers: A Sound Strategy for Canada


An illustrative reminder of the very deep roots of opposition to bank mergers. A brief listing of recent mergers. Canada's stable, secure, and successful banking system. Responding to change and to challenge. Calculated risks critical to meeting Canadians' needs today. An attitude towards risk and an aptitude to execute well that lie at the heart of the TD's proposal to merge. The speaker's belief that this merger is in TD's interest, and how that is so. The clear case for TD's business. The equally compelling case for the country as well. The straightforward rationale for this merger, flowing from three inter-related trends: globalisation, consolidation and technological change. The environment to which we must adapt. Bank mergers not a Canadian phenomenon. Effects of technological change. The competition. Looking forward to the next decade. A brief listing of what the merger means. How allowing the bank mergers to proceed means strengthening one of the few successful Canadian-owned and Canadian-headquartered industries remaining in Canada. Criticisms of the merger. Several issues relevant to the debate, with the speaker's response. Concluding on the issue of the responsibilities of banks, and the limits to those responsibilities. Asking others in the private sector in Canada to consider what is at stake here. The strategy of the TD Bank and how it will work for the bank, and for Canada.