Canada’s biggest bank aims to get bigger. The deal points to the need for a big rethink of competition rules
When the CEO of the biggest bank in Canada announced a deal to get even bigger, he faced obvious questions about competition. He said he didn’t see reason for worries.
The act was written in the mid-1980s, when the idea of bigger is better reigned. One key principle is “efficiencies” – cutting costs as two companies become one. Such gains can trump a lessening of competition, under the act. Unique to Canada, the efficiencies principle aimed to build stronger companies that could compete abroad and buoy the domestic economy.
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