Royal Bank to consider U.S. acquisitions?

According to Mr. Goldberg, the current industry landscape “provides a historic opportunity” for all the Canadian banks to expand south of the border, but Royal is the most likely to make a move.

“The potential for Royal Bank to make a strategic acquisition looms increasingly large,” he said in a note to clients today. “Of potential candidates, we believe that BB&T, Regions Financial and SunTrust would make the most strategic sense.”

Opinion:

It’s a great idea for RBC to consider  U.S acquisitions because there are many advantages as well it’s  a new stepping stone for Canadian Banks to enter into a foreign market with a lot of advantages; With these advantage there’s still road blocks that would prevent it from happening regulatory environment and continuing industry turmoil.

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Centennial College to offer Islamic finance course

Scarborough’s Centennial College, one of the most diverse campuses in the country, has become the first in Canada certified to teach Islamic finance – a system that does not charge interest or invest in commodities that contravene Islamic law. The one-term course will be offered online, starting this fall, to students across Ontario for about $500. One major bank has already expressed interest in training some of its staff in the basics of Islamic banking, said John Harris, chair of the college’s accounting and financial services programs.

Opinion:

With the growth of the Islamic business market it would be very interesting to see if other college would follow by offering the same course. With the increase of immigrants in Canada they demand for this would gradually increase and perhaps be one of the Canadian banking for the future.

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New Canadians, new workplace

By 2011, immigration will account for all net labour force growth. Within a decade, visible minorities will make up one in five working Canadians; Given the increasingly critical role immigrants will play in our nation’s economy, more efforts must be made in both the public and private sector to eliminate disparities between those new Canadians and those born here.

Opinion:

As we all know, Canada’s population is made up with immigrants. This means that Canada is relied heavily on these immigrants to drive our economy and we need to find ways to generate more jobs and provide education because it’s stated that Canadian’s workforce would rely on immigrants; the Canadian government must find ways to speed up the hiring process.

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ING Direct launches mobile app

ING Direct is the latest Canadian financial institution to launch a full-featured mobile banking app that allows customers to transfer funds, check account balances and transactions, and search for the nearest ABM on a BlackBerry or iPhone.

It’s very convenient how banking is now launching apps for Iphone and Balckberry for consumers to do their banking on the go; despite being it very convenient there are still consumers that don’t have a Smartphone or use certain banks for certain reasons therefore some consumers still use the traditional way to bank.

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New York Ties London as Top Finance Center

London’s bridge isn’t falling down, but the City can no longer lay claim to being the world’s top financial center. A new report put New York alongside London at the top of a ranking of global financial centers.

Opinion:

After getting hit very hard by the financial crisis,  New York is now tied with London as the world’s top financial center.  Which is a huge step for them because everyone is now anticipating on what’s their next big step.

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