Here are some key points from the article about Canadian finance in 2024:
- The Bank of Canada raised interest rates several times in 2023, but has paused since then. Economists predict that there may be a cut in interest rates in January.
- The federal government introduced regulations to cap maximum legal interest rates lenders can charge at 35% on an annual percentage rate, starting from January 1.
- RBC’s acquisition of HSBC Canada was completed in March, adding about $108.5 billion in assets and 4,500 employees.
- TD Bank Group’s CEO Bharat Masrani announced his retirement due to the bank’s involvement in money laundering schemes through its US branches.
- The five largest Canadian banks (RBC, TD, Scotiabank, CIBC, and BMO) provided $104 billion in fossil fuel funding in 2023, with RBC being the top provider at $28.2 billion.
- Royal Bank’s market capitalization increased by almost 30% to $246 billion due to its successful acquisition of HSBC Canada and easing concerns about the banking sector.
Let me know if you would like more information or specific points clarified!
