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Analysts will be looking closing to gauge how the Canadian financial sector is fairing amidst the current global economic headwinds.
On Tuesday, both Bank of Montreal (BMO.TO) and the Bank of Nova Scotia (BNS.TO) are scheduled to release their quarterly earnings. Analysts are expecting Bank of Montreal to report a profit of $1.19 a share, down from last year's $1.46. Meanwhile, analysts predict that Bank of Nova Scotia to report earnings of $1.02, slightly lower than last year's $1.03.
In mid-July, E*Trade Financial Corp. (ETFC | Quote | Chart | News | PowerRating) agreed to sell E*Trade Canada to Scotiabank for US$442 million in cash. E*Trade expects the combination of the sale of E*Trade Canada and the return of related capital to generate net cash proceeds of approximately $511 million.
The completion of purchase will double Scotiabank's footprint in the Canadian online investing market.
On Wednesday, Canadian Imperial Bank of Commerce (CM.TO | Quote | Chart | News | PowerRating) is scheduled to report a third quarter profit of $1.78 per share, down from the prior year's earnings of $2.44.
In June, Canadian Imperial Bank of Commerce announced intentions to issue a total of $1.15 billion of medium term notes constituting subordinated indebtedness. CIBC expects to issue the notes on June 6, 2008.
The ten-year notes would bear interest at a fixed rate of 5.15% per annum until June 6, 2013, and, if not redeemed by CIBC, at the three-month bankers' acceptance rate plus 2.30% per annum thereafter until maturity on June 6, 2018.
Royal Bank of Canada (RY.TO | Quote | Chart | News | PowerRating), National Bank of Canada (NA.TO | Quote | Chart | News | PowerRating) and Toronto-Dominion Bank (TD.TO | Quote | Chart | News | PowerRating) are all scheduled to report their quarterly earnings on Thursday.
Analysts are predicting RBC to report a profit of $1.05, slightly lower than last year's $1.08. NBC is expected by analysts to announce earnings of $1.41 a share, down from $1.48 in the prior year. Rounding out the major Canadian bank, Toronto-Dominion is expected to report earnings per share of $1.45, a decline from the previous year's $1.60.
In June, RBC agreed to acquire Richardson Barr & Co. for undisclosed terms and separately closed the acquisition of Washington, D.C.-based Ferris, Baker Watts, Inc., a full-service broker-dealer.
Under the deal, the new entity, to be known as RBC Richardson Barr, will provide Acquisitions and Divestitures or A&D support to RBC's North American energy group located in both U.S. and Canada.
RBC obtained FBW's 42 branch offices in eight states and the District of Columbia, and approximately US$19 billion in assets under administration. The firm became part of RBC Wealth Management, U.S. Division.
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