Commentary: Why Canada Should Lighten Up On Foreign Banks

It would be as if the consolidation race in U.S. banking ended with only Citigroup, Bank of America, and a handful of stragglers crossing the finish line. Within the next few weeks, Canadian banking authorities are expected to rule on two proposed mergers that would spawn almost unprecedented concentration for a developed country: a pair of megabanks, each almost as big as Chase Manhattan Corp., America's third-largest, along with a smaller titan and a clutch of niche players.

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