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Reading Summary - Canadian Banks Spread Out.docx

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Geography 3422A/B
Milford Green

Canadian Banks Spread Out 2/23/2013 2:08:00 PM Canadian Banks Spread Out  Canada's two biggest banks agreed to fork out about $10 billion in separate deals—one for a big U.S. credit-card portfolio and another for a Canadian auto-lending business  In the last two years, Canada's six largest banks have made 50 acquisitions, with a total disclosed deal value of almost $42 billion  They have been snapping up assets that their bigger international competitors are either passing over or selling themselves  RBC, TD BNS are Canada's No. 1, 2 and 3 banks by assets and market capitalization o TD Bank said it agreed to buy the credit-card portfolio of U.S. retailer Target o RBC agreed to buy Ally Financial Inc.'s Canadian business in a deal valued at $4.1 billion
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