In The News

Five of Canadian financial institutions have made the list of the world's strongest banks, in a new survey conducted by Bloomberg Markets.The Canadian Imperial Bank of Commerce is the highest ranking Canadian institution on the list --ranking 3rd--followed by Toronto-Dominion Bank at 12. In total Canada has five banks in the top twenty, more than any other country.

"OCBC is one of three Singaporean banks that make the top six in the Bloomberg Markets ranking. The other country that's prominent on the list is Canada. National Bank of Canada (NA) is No. 3, and the country has five banks in the top 20."

"No Crisis at Canada Banks"

"The extra cushion paid off when U.S. banks teetered on the edge of failure in the fall of 2008 and had to be bailed out with $700 billion from the Treasury."

"We all went into the downturn with very strong quality of capital," says Edmund Clark, CEO of Canada's Toronto-Dominion Bank (TD), No. 12 on the strongest-bank list. Canada also suffered a much milder housing downturn than the U.S."

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original source Bloomberg Market Magazine