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Tag Archives: Banks Compete
Scotiabank Buys ING Direct
After a short time on the auction block ING Direct has been gobbled up by Scotiabank for a reported $3.1 Billion. It’s the largest transaction in Scotiabank’s 180 year history. Although many of Canada’s big banks were interested in the transaction, Scotiabank was the hungriest to acquire its $30 billion of deposits. On the heels of the announcement Scotiabank published a high profile letter reassuring ING Direct customers that it … Read More
Posted in Blog, Canadian Housing Market, Mortgage Rates
Tagged Banks Compete, mortgage market
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Bank Profits Jump Despite Negative Rhetoric
Scotiabank’s profits skyrocket 57% while Bank of Montreal’s profits launch 37% higher in the third quarter. If anyone was concerned about our Canadian banks’ well-being, they should be consoled by these numbers. With net income increasing to $2.05 billion and $970 million respectively these solid performing institutions are well positioned to weather the worst of storms regardless of what the doomsayers preach. These results are one more reason why Canadians … Read More
ING Direct Up For Sale
The Dutch based mega bank ING is putting its Canadian operations up for sale with the likely buyer being one of the existing big 6 Canadian banks. The large Canadian banks have the means and the expertise to make the most of this profitable business. The biggest advantage of such a transaction would be lower transaction costs through greater economies of scale, but that would only apply if they could … Read More
Posted in Blog, Canadian Housing Market, Government Policy
Tagged bank regulation, Banks Compete
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Where’s the Mortgage Rate War?
The summer of 2012 is delivering record low 5 year Government of Canada benchmark bond yields aka the cost of mortgage funds. If the cost of providing a 5 year fixed mortgage rate keeps dropping you’d expect to see mortgage rates offered to customers dropping as well, but that hasn’t been the case. In fact BMO Bank of Montreal, the instigator of the last mortgage rate war, is keeping their … Read More
Posted in Blog, Mortgage Rates
Tagged Banks Compete, Fixed Mortgage Rates, Mortgage Rates, Rate Outlook
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BMO’s 2.99% Mortgage Rate “Banks” Profits
Bank of Montreal (BMO) was the first of the major banks to release second quarter earnings. The 4th largest Canadian bank had an impressive 27% increase in net income for the quarter. However when you dig into the numbers, cost cutting was a major contributor and profit margins were notably lower. One of the reasons cited for the lower margins was the deep discounted 5 year fixed mortgage rate at … Read More
Posted in Blog, Mortgage Rates
Tagged Banks Compete, Fixed Mortgage Rates, Mortgage Rates, mortgage terms
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When Banks Compete, You Win!
Bank of Montreal set off another “rate-war” by lowering their 5 year fixed low rate mortgage to 2.99%. There’s something about that number that has people excited. Not 3%, but 2.99%! It gets consumers talking about record low rates, but even more exited are the people working for the competition. Not to be out-done, the competition has to sharpen their pencils and find ways to offer sexy rate offers…preferably something … Read More