Laurentian Bank of Canada is setting up an energy banking practice in Calgary, despite the collapse in oil prices that has thinned the number of dealers serving the sector.
Montreal-based Laurentian Bank Securities has hired former GMP Capital Inc. energy banker Wade Felesky to lead the effort in the oil patch, which is expected to be a small shop compared with the energy franchises run by the Big Six major Canadian banks. Story
Teachers buys Constellation's Canadian wine business for $1.03-billion
It's five o'clock somewhere for the Ontario Teachers' Pension Plan.
Teachers said Monday that it would acquire the Canadian business of Constellation Brands Inc. in a $1.03-billion deal that will give the pension plan control over many of the country's top wine brands – and their vineyards and production facilities. It also marks the pension fund's entry into the highly competitive alcoholic beverage industry.
The transaction includes well-known wine brands from the Niagara-on-the-Lake region such as Jackson-Triggs and Inniskillin as well as more than 160 Wine Rack retail stores spread through Ontario. The deal is expected to close by the end of the year. Story
DAILY DEALS
Onex buying U.S. discount grocer Save-A-Lot for $1.37-billion
Supervalu Inc. agreed to sell its Save-A-Lot grocery business to Onex Corp. for $1.37-billion (U.S.) in cash, offloading the discount chain at a time of heavy price competition in the United States.
As part of the deal, Supervalu will provide services such as payroll and merchandising technology to Save-A-Lot for five years, the Minneapolis-based company said in a statement Monday. The transaction, slated to be completed by Jan. 31, will bring about 1,370 stores to Onex, Canada's largest buyout firm. Story
Italy merges two banks in bid to prop up struggling sector
In the first significant banking deal in almost a decade, Italy created its third-largest bank as Prime Minister Matteo Renzi rushes to shore up confidence in the flat-lining economy ahead of the crucial December referendum on constitutional reform.
In twin shareholder votes held on Saturday, shareholders of Banca Popolare di Milano (BPM) and Verona's Banco Popolare approved a merger that will create a new bank, to be called Banco BPM, with €171-billion ($247-billion) in assets, 25,000 employees and an 8.2-per-cent national market share. Story
ON THE MOVE
HSBC taps CIBC's Tomei to head retail banking, wealth-management unit
HSBC Bank Canada has appointed a new head of retail banking and wealth management.
Larry Tomei is joining HSBC after a 22-year career at Canadian Imperial Bank of Commerce, where he most recently headed President's Choice Financial. Story
Canaccord hires ex-GMP vet for equity capital markets role
Canaccord Genuity Group Inc. is strengthening its equity capital markets team with the hiring of veteran institutional salesman Derek Ham. On Monday, Mr. Ham joined Canada's largest independent broker-dealer as director, capital markets origination. Story
IN CASE YOU MISSED IT
Tim Kiladze: Why Canada's banks are so silent on mortgage changes. Story
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