Challengers like EQ Bank and Wealthsimple are rolling out new and cheaper offerings, growing their base and gaining brand recognition. But experts say that rather than creating a disruptive threat to the big banks, mid-sized players are more likely to be bought up by the majors.
The growth seen with the firm's business model has led chief executive Michael Katchen to declare that Wealthsimple is the "first and only credible alternative to the big banks in Canada.”The fintech company's low fees are a central draw, offering no-commission trading and low investment management rates as part of a growing suite of products as it tries to fill a void of competition.
“We’re trying to make that seem like a low-risk activity for somebody so you can open a bank account while keeping your other bank account open,” said chief executive Andrew Moor. The bank’s efforts have led to its assets roughly doubling in the last five years to some $54 billion.The jumps in size at Wealthsimple and EQ are in contrast to some others smaller players like Laurentian Bank, which has seen its assets grow seven per cent to $47.5 billion in the same time.
Canadian Western Bank was seeing higher growth, up 38 per cent to $42.5 billion, but of course it’s being bought up. In the co-operative world, Desjardins has managed to grow around 43 per cent to $444 billion, not too far behind National Bank, the smallest of the Big Six, at $454 billion.
And while a concentrated financial industry is something especially notable in Canada, it is part of a broader long-term trend, said Célérier.An explosion at a coal mine in eastern Iran kills at least 33 workers Newfoundland and Labrador sponsored a minor football team in England, now they’re about to play one of the biggest clubs in European soccer.Northern Ont. man fined for hunting bull moose without a licence after trying to cover it upAn explosion in a coal mine in eastern Iran killed at least 33 workers and injured 17 others, officials said Sunday, marking one of the worst mining disasters in the country's history as others remained missing hours after the blast.
If your child sometimes has trouble sleeping, it may be easy to chalk it up to a phase they will grow out of one day. But a new study suggests possible serious consequences for this line of thought — such as a higher risk for suicidal ideation or attempts when they are older.A new study has found that for every 10 per cent increase in the amount of a person's diet made up of ultraprocessed foods there was a 17 per cent increased risk for developing type 2 diabetes.
Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.General Motors has issued a recall for 38,000 vehicles for safety risks related to a software glitch, Transport Canada reported in a notice on Wednesday.
A proposal for additional parking to accommodate upgrades at the Irving Pulp & Paper Mill in Saint John, N.B., would add an estimated 500 parking spots at Wolastoq Park.The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.A herd of dogs paid visit to patients and residents at Riverview Health Centre during an annual event that lifts spirits and wags tails.
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