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Bank of Montreal Message Board

  • churchstboymikey churchstboymikey Mar 5, 2005 11:00 AM Flag

    What will mergers do for shareholders ?

    UPDATE 1-Canada finmin sees bank merger policy by year-end
    Fri Mar 4, 2005 03:42 PM ET
    (Adds details, background)
    OTTAWA, March 4 (Reuters) - Canadian Finance Minister Ralph Goodale said on Friday he would deliver his long awaited policy on bank mergers "well before the end of the year."

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    UPDATE 1-Canada finmin sees bank merger policy by year-end
    UPDATE 1-Canada finmin says will consult on bank mergers
    Canada finmin says will consult on bank mergers

    The oft-delayed policy paper has been eagerly awaited by the big banks, which have been pressing Ottawa for years to allow mergers.
    "I want to do it well before the end of the year," Goodale told Reuters at the start of Liberal Party's convention. "People are anxious to know what the framework is going to be and I want to do it as quickly as I can."

    Asked if he might do it by summer, he said: "That's possible but I don't want to have that set up as a kind of deadline.

    "I've finished the one-on-one discussions that I wanted to have with all of the CEOs and now that the budget is done, this item is going to have a good chunk of my attention in the period immediately ahead."

    Goodale said this week he would consult with opposition parties later this spring as the government prepares its policy document.

    The finance minister has repeatedly postponed delivery of the policy paper and said in December there was no timeline for its delivery.

    The federal government quashed two big marriages in 1998 amid a powerful public backlash. Earlier this year, the heads of Canada's big banks said they were not optimistic that the issue would be resolved soon.

    ($1=$1.23 Canadian)

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