CIBC vice-chairman believes TSX-LSE merger needs to be subject to "very specific conditions": report
Canadian Imperial Bank of Commerce vice-chairman Jim Prentice is set to make the first public intervention into the TMX-LSE merger debate by a senior banking executive when he tells a business audience in Toronto that the deal needs to be subject to "very specific conditions" if Canadian markets are to be protected, the Financial Post reports.
In the first public comments he has made since leaving government, the former Industry and Environment Minister refuted suggestions he is predisposed to a deal. "Rather this transaction, if it is to be approved, will have to have specific conditions attached that contemplate the possibility of future transactions," he reportedly said in an interview with the Financial Post, ahead of Tuesday's speech to the Canadian Club of Toronto.
The comments suggest there is no consensus within the influential banking community on the wisdom of approving the deal, the FP says. Royal Bank of Canada (RY.TO) chief executive Gord Nixon has told the Financial Post that the Toronto Stock Exchange's future may be in jeopardy if the merger doesn't go through.
Also, sources suggest his equivalent at Toronto-Dominion Bank, Ed Clark, is set to come out against the deal this week, the Financial Post reports.
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