Canadian Banks ‘Cannot Coast’ on Success, CEO Campbell Says

Canadian banks, ranked the world’s soundest, “cannot coast” on their success amid global regulatory reform, said the new head of the Canadian Bankers Association.

“Internationally, key questions remain about what the combined impact of the entire regulatory package will be, and whether and how it will be applied uniformly across the globe,” Chief Executive Officer Terry Campbell said in the text of his speech for a luncheon sponsored by the Toronto Board Of Trade. “We must remain vigilant here.”

Canada’s banks have been ranked the world’s soundest for three straight years by the World Economic Forum, while five Canadian banks ranked among the world’s 20 strongest lenders in a report by Bloomberg Markets Magazine.

“We cannot coast,” said Campbell, a former vice president of policy with the bank group.

Campbell became CEO in March, replacing Nancy Hughes Anthony. The Canadian Bankers Association works on behalf of 52 domestic and foreign banks operating in Canada.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net.

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