Tuesday, March 31, 2009

Harper tells banks to expand abroad

This is from the Financial Post.

This may not be good advice. Many foreign banks are for sale at rock bottom prices because they have been investing in risky investments. Icelandic banks can perhaps give better advice on expanding into foreign countries!

Tuesday, March 31, 2009

Harper tells banks to expand abroad
Financial Post
Hyungwon Kang/Reuters
Prime Minister Stephen Harper urged Canadian banks to acquire assets abroad in an interview with the Financial Times.
The newspaper reported Tuesday that Mr. Harper said Canada's banks could lead the charge toward consolidation in the world financial sector because of the relative strength of their balance sheets.
Canada's big banks, which have stayed profitable throughout the global financial crisis, now rank among the 50 largest banks in the world.
"I'm not going to try running banks, but I hope our banks will see this as an opportunity to build the brand – the country's brand, their own brand – and to expand their scope and profitability over time," Mr Harper told the Financial Times. "I can assure you that the steps we're taking in the financial sector will not be designed to promote greater protectionism."
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