Bank of Nova Scotia chief executive Rick Waugh spent his Easter long weekend reading Citibank's proxy circular and annual report.
"All 500 pages, that's what I do for fun," the CEO quips. What he learned is that Canada's banks, and politicians, only have a small window in which to exercise their new muscle.
The financial crisis took a much bigger toll on American and European banks than on Canadian lenders, and had deeper implications for the U.S. economy than for Canada. But Mr. Waugh now believes it won't be long before the U.S. banks heal.
"While they still have some issues to deal with in the next few years, there's no doubt in my mind that within three or four years, American and other European banks will be back. And they're all saying the same thing, that they're going to go for growth and it's going to be international," Mr. Waugh says.
He's worried that Canada will squander a golden opportunity.
"Each of the politicians - federal, provincial and even municipal - all believe that now is the time they should do something to attract foreign investment and to get that into the country and to shine," he says. "But they've got to get together and push it forward, because the window will close."
He's urging Bay Street and the politicians to come together and take action, saying this is a unique moment in Canadian history where the country needs to capitalize on the "Canada brand."
"We've got to get our act together and get out there and market ourselves and promote it," he says.