Industry

BoC maintains overnight rate at 1%

The Bank of Canada is maintaining its target for the overnight rate at 1%. The Bank Rate is correspondingly 1.25% and the deposit rate is 0.75%.

By Staff |October 23, 2012

2 min read

TD to acquire Target’s U.S. credit card portfolio

TD Bank Group will acquire Target’s existing U.S. Visa and private label card portfolio, with a gross outstanding balance of US$5.9 billion. The deal is expected to close in the first half of 2013. Also, the two companies have entered into a seven-year agreement. TD will become the exclusive issuer of Target-branded Visa and private […]

By Staff |October 23, 2012

2 min read

RBC scoops up Ally Financial for $1.4 billion

Royal Bank of Canada has confirmed its deal to acquire the Canadian auto finance and deposit business of Ally Financial Inc. The bank says the deal will strengthen its position as a consumer and commercial lender, as well as significantly increase its presence in auto-related financing. The net cost for the deal will be about […]

By Wire services |October 23, 2012

2 min read

New lending restrictions impact home sales

Sales of new homes and condominiums remained low in September in Toronto, as a result of new lending restrictions.

By Staff |October 22, 2012

1 min read