Domestic Players Dominate Investment Banking In Canada
Canadian banks have moved well ahead of the US investment banks that once consistently challenged them for investment banking business on their home turf, according to a study by Greenwich Associates. While US investment banks remain firmly entrenched atop the league tables in businesses like cross-border mergers and acquisitions, Canadian firms are dominating their domestic market, in part due to a retrenchment by their south-of-the-border competitors, said the report. Greenwich research revealed that the strong showing of the Canadians is in part due to their willingness to lend money to domestic companies, and to client perceptions that the Canadian investment banks have sharply increased their own investment-banking prowess. ‘Qualitatively as well as quantitatively, they are as a group separating themselves from most if not all of the U.S. firms,’ said Greenwich Associates consultant Jay Bennett.