Page 1

CANADIAN BANKER w www.rfigroup.com t twitter.com/RFiMediaGRB

Gerald Cossette, FINTRAC

ECONOMY & REGULATION

PAYMENTS & TECHNOLOGY

SME & COMMERCIAL

06 Canada’s business outlook strengthens

12 Fee free RMB money transfers from CIBC

15 Government of Canada invests in Honda


Welcome to the February edition of the Canadian Banker, a newsletter designed to give you an update on news and trends within the Canadian retail and commercial banking market, contextualized by RFi Group data. We are pleased to continue our Thought Leader Interview Series with a regulator’s view this month. Gerald Cossette of FINTRAC shares his perceptions on how technology is impacting security within the payments market and other areas of the financial services. But it’s not all about payments! It has been an exciting four months of news across all our product sectors. February also sees RFi Group formally launch www.rfigroup.com, a brand-new website offering extensive original and aggregated thought leadership and insights, via a global media platform. Please follow this link and scroll to the bottom of the page to subscribe for your free monthly global insights and as always, we welcome any feedback you may have. I hope you enjoy the issue! Kind regards,

Cyrielle Chiron +61 1 416 644 8524 cchiron@rfigroup.com


CONTENTS FEBRUARY 2017

04

06

RFi GROUP INTERVIEW

ECONOMY & REGULATION

Gerald Cossette, FINTRAC

Canada’s business outlook strengthens

10

12

SAVINGS & BORROWING

PAYMENTS & TECHNOLOGY

British Colombia government helps first time buyers

15 SME & COMMERCIAL Government of Canada invests in Honda

Fee free RMB money transfers from CIBC

Did a colleague forward you the Canadian Banker? Subscribe to receive YOUR FREE monthly copy by clicking here


RFi GROUP INTERVIEW

Director, Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) WORDS SARAH HOLLINSHEAD

4 RFi 04 RFiMEDIA MEDIA


RFi GROUP INTERVIEW

STAYING IN LOCKSTEP WITH TECHNOLOGICAL INNOVATION

T

he public sector needs to remain in step with the private sector when it comes to risk management of digital innovation and fintech, says Gerald Cossette, Director of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). As the Canadian Government’s financial intelligence unit, FINTRAC is responsible for helping to combat money laundering, terrorist activity financing and other threats to Canada’s national security. RFi Group’s Sarah Hollinshead sat down with Cossette to discuss whether the technological advances within the financial services industry are making his job easier, or harder. And the answer is both. The first issue arises from the sheer magnitude and complexity of introducing new technologies, with no one in the industry able to whole-heartedly predict which new idea will fly and which will flounder.

The international relations component of Cossette’s role does come naturally to him however, having been a diplomat for more than 20 years. Establishing relationships with colleagues and different groups is his area of expertise, and the changing nature of these relationships in recent years has in fact made regulation far more effective. As Cossette explains, “The dialogue with our industry partners is at a much more strategic level than it has ever been before. Instead of organizations complying to the regime because they have to, they are actually coming to us and asking for a better understanding of how the information they provide is being used and how we can help them combat financial crimes.”

“Currently, we cannot pinpoint which technologies will be widely adopted. We know blockchain is moving forward, but the other technologies may end up being of little or no consequence for our organization and Canada’s broader antimoney laundering and anti-terrorism financing regime. This makes our focus more difficult.”

With the changing financial ecosystem and technological advances, banks and other financial institutions are more determined to protect themselves against a lot of unknowns. This is proven by the Project Protect initiative in Canada, where FINTRAC joined its police and national security partners in a public-private partnership with Canada’s major banks to combat human trafficking and the laundering of the proceeds from this activity. Initiated by the private sector, Project Protect has had a positive impact on many lives and Canadian communities.

Similarly, rapid turnover within the financial services ecosystem is making regulating specific sectors harder.

“The willingness of reporting entities to share information has changed and we can be more productive as a result.”

Moreover, the international status of many emerging companies enhances the complexity of the system, argues Cossette. Working alongside other countries’ differing regulatory frameworks is a challenge as is the virtual nature of technology and sometimes absence of a specific geography.

FINTRAC is also able to provide more in return for institutions, enhancing the strength of the relationship.

“If an organization is functioning within Canada, but is not based here, it is very difficult for us to assess compliance. If we cannot even trace their centre of organization, then we are almost in an impossible situation.”

“The first stage of FINTRAC 15 years ago, was about setting up the business and developing tools, understanding and processes. The second phase focused a lot on compliance, how it should work and what exactly our examinations of reporting entities will look for. We are now in the third phase, looking at how, with the tools and regulatory framework available, we can be proactive instead of reactive to potential threats or

opportunities changes.”

from

technological

“And with our own technical improvements, we can now provide reports on how the information provided has been used by the police in specific cases. Because of this, we hope to develop regulations in the future that will be more flexible and effective.” With this more developed relationship, the regulators are able to keep up with the private sector. Cossette believes that this position is essential for regulating the industry effectively going forward. “If we can remain in lockstep with the technological evolution, my sense is that we will be able to regulate properly, and in a way that stimulates the innovative capacity of organizations. Simultaneously, we are able to provide Canadians with what they want: transparency, security and integrity.” In terms of statistics to dictate the improved responses to threats, Cossette admits it is impossible to track entirely. “The problem with illicit activities is that they are illicit, so unless we know about them, we have no idea of the exact scope of activity. I don’t know if risks are evolving faster due to technology, but I know we are better at identifying them.” In the past, regulators have often been seen to be far behind the industry, or to create roadblocks to innovation. However, with this mindset, the evolution should continue quickly and, most importantly, safely. In an increasingly connected world where it is easier to move money quickly, security measures are more important than ever before. “Of course, technology will always move much faster than the government, but at least we are here at the outset, working with industry and stakeholders to encourage innovation and address the risks and vulnerabilities that fintech may pose in the future.”

CANADIAN BANKER 05


ECONOMY & REGULATION

Economy & Regulation WORDS THANH VAN VGUYEN

Canada’s business outlook strengthens

B

usiness prospects show first signs of improvement following two years of overall modest activity, according to the Bank of Canada’s Business Outlook survey. Expectations of future sales growth have strengthened as the drag of the oil price shock has dissipated and demand from domestic and US buyers picks up. However, the report pointed to “considerable uncertainty” surrounding the implications of the US election outcome, particularly the risk of increased protectionism. The central bank further added that “positive investment intentions are now evident in all regions and sectors, particularly among exporters” as the weaker Canadian Dollar and stronger US Dollar demand continues to support sales expectations. There are also indications of widespread employment intentions over the next 12 months, with firms citing sales growth and expansion plans as the main factors driving this view. RFi Group data further shows that among small and medium enterprises, which represent 98% of all businesses in Canada, over 2 in 5 businesses are looking to expand in the next 12 months, up slightly from a year ago. However, resourcerelated firms still report limited hiring plans and “material excess slack” remains in regions affected by the slump in the energy sector.

Expectations of future sales growth have strengthened as the drag of the oil price shock has dissipated and demand from domestic and US buyers picks up.

WHICH OF THE FOLLOWING BEST DESCRIBES YOUR BUSINESS’ GOAL OVER THE NEXT 12 MONTHS? Small and medium-sized businesses H2 2015

H2 2016

50% 40%

39%

41%

30% 26%

24% 25%

23%

20% 10%

10% 11%

0% We are looking to expand

We are just hoping to survive

We are looking to consolidate

Source: RFi Canadian SME Banking & Payments Council H2 2016

6 RFi MEDIA

We are looking to contract


ECONOMY & REGULATION

CANADIAN BANKER 7


ECONOMY & REGULATION

8 RFi MEDIA


ECONOMY & REGULATION

Canada beats forecasts with job surge and trade surplus The economy created an unexpected net gain of 53,700 new jobs in December 2016, boosted by a rebound in full-time work. The increase brought the total employment gains for 2016 to 214,000, according to official figures from Statistics Canada. Full-time jobs rose 81,300 during the month, offset by a loss of 27,600 part-time positions. The unemployment rate, however, increased from 6.8% in October to 6.9% in November, as more people entered the labour market. The country also posted a trade surplus of $526 million in November - its first in more than two years. This is following a $1 billion deficit in the previous month, as exports surged and imports posted only a modest gain. Exports rose by 4.3%, the greatest increase since June 2015, thanks to higher shipments of metal and non-metallic products together with record

Oil prices and Canadian Dollar expected to strengthen in 2017 Oil prices will gradually recover to around US$60 per barrel by the end of 2017, according to a Reuters poll of 29 analysts and economists. The poll predicts that Brent crude futures will reach an average of US$57.43 a barrel this year, marginally higher than the previous forecast of US$57.01. However, further uplift may be limited by a strong US Dollar, a potential increase in US oil output and possible noncompliance by the Organization of Petroleum Exporting Countries (OPEC) with agreed cuts in production. Meanwhile, Konrad Bialas, Chief Economist at Warsaw-based foreign-exchange broker Dom Maklerski TMS Brokers S.A., predicts that the

The increase brought the total employment gains for 2016 to 214,000, according to official figures from Statistics Canada. exports to countries other than the United States. Imports grew by 0.7%, largely boosted by higher imports of energy products. The trade surplus with the United States - Canada’s biggest trade partner - also rose to $4.2 billion from $3.2 billion in October. Economists expect the surprisingly strong employment and export data to bolster broader economic growth in 2017. However, the Bank of Canada Governor, Stephen Poloz, has stressed ahead of his January 18 rate decision that signs of slack in the labour market still remains, which may be adding to divergence with a recovering U.S. economy.

The poll predicts that Brent crude futures will reach an average of US$57.43 a barrel this year, marginally higher than the previous forecast of US$57.01. Canadian Dollar will also strengthen, up 0.75% to 75.75 US cents by the end of the year, as the economy accelerates and uncertainty over the US President-elect Donald Trump’s trade policies fades. Bialas topped a Bloomberg ranking of Canadian Dollar forecasters in the fourth quarter of 2016. The increase would extend the currency’s 3% gain from last year, making it the best performer among its G10 peers.

CANADIAN BANKER 9


SAVINGS & BORROWING

Savings & Borrowing WORDS CELINE ØDEGAARD

Almost 1 in 2 Canadians are not taking steps to meet their financial goals

A

poll conducted for CIBC last month showed that 40% of respondents do not plan to cut back on their spending on non-essential items to meet their financial goals. Financial goals included, debt repayment, keeping up with bills and growing investments. According to the research, only 26% intended to set up a household budget to help them stay on track with their financial plan. One-third of those who incurred new debt the past year stated that the primary reason keeping them from reaching their goals are day-to-day expenses which exceed their monthly income. RFi Group data also shows that the proportion of Canadians planning to decrease their spending over the next 12 months has been decreasing since 2014.

OVER THE NEXT 12 MONTH HOW LIKELY ARE YOU TO CHANGE THE AMOUNT YOU SPEND? Less

100%

3%

The same

More

10%

6%

59%

66%

31%

28%

H2 2015

H2 2016

80% 56%

60% 40% 20%

40%

0% H2 2014

Source: RFi Group

New payday loan regulations take effect The government of British Colombia has implemented regulation that will cut the interest rates charged on short-term payday loans. The regulation, which sees the maximum charge lowered from $23 to $17 per every $100 borrowed took effect on January 1st 2017. With this reduction, British Colombia’s rates are the second lowest in Canada. The changes come following an increase in the number of British Colombians who are using payday loans to help them pay their bills. The new regulations have been designed to help prevent consumers getting trapped in a cycle of personal debt.

10 RFi MEDIA

With this reduction, British Colombia’s rates are the second lowest in Canada. The changes come following an increase in the number of British Colombians who are using payday loans to help them pay their bills.


SAVINGS & BORROWING

The government of British Colombia looks to help first time buyers The government of British Colombia is offering interest-free loans of up to $37,500 to first time home buyers to help them cover the cost of a mortgage down payment. This loan will be provided by the Home Owner Mortgage and Equity Partnership program for a period of 25 years of which the first five years will be interest and payment-free. The rate for the remaining 20 years will be set according to the prime lending rate with an additional 0.5%. This down-payment loan will then have to be paid back at the same time as the home loan. The program will be available to any Canadians who have not previously owned a home outright and who are looking to buy a condominium, townhouse or detached home worth less than $750,000. Nonetheless, an eligible home buyer must be able to pre-qualify for a mortgage and have less than CAD$150,000 in gross household income per annum. Applications for the program opened on January 16, and the program will run until March 31, 2020.

CANADIAN BANKER 11


PAYMENTS & TECHNOLOGY

Payments & Technology WORDS MANISHA NOBEEN

Visa Walmart dispute comes to an end

Considering the usage levels of Visa, it’s possible that customer pressure may have led to the resolution between the scheme and retailer.

A

s a result of a dispute around merchant fees, Walmart stopped accepting Visa credit cards in July 2016 at three stores in Thunder Bay. The policy was expanded in October to the retailer’s 16 stores in Manitoba. Walmart thereafter threatened to stop accepting Visa credit cards in all its 400 stores in Canada as a result of the continued dispute over merchant fees.

cards. However, no details were released about any agreement reached.

However, Walmart has begun the new year by ending the dispute with Visa, allowing customers in Canada to pay with their Visa credit cards again. A Walmart spokesman said it reached a deal to continue accepting Visa cards in all Walmart stores, which means that customers can now use their cards in the stores that previously stopped accepting Visa credit

According to RFi Group data, the Visa credit card is among the most used payment methods in Canada with 1 in 2 consumers having used a Visa credit card in the past 12 month. Considering the usage levels of Visa, it’s possible that customer pressure may have led to the resolution between the scheme and retailer.

PLEASE INDICATE WHICH OF THESE PAYMENT METHODS YOU HAVE USED IN THE LAST 12 MONTHS 100% 85%

80% 60%

54%

50%

50%

48%

Interac debit card

Visa credit card

Cheque

40% 20% 0% Cash

MasterCard credit card

Source: RFi Group

12 RFi MEDIA


PAYMENTS & TECHNOLOGY

Fee free RMB money transfers from CIBC CIBC has announced a partnership with international card network, Union Pay, to help provide fast, transfers to China as part of its CIBC Global Money Transfer service. The service will allow money transfers to China to happen within 24 hours and will not incur any upfront fees. According to Vineet Malhortra, Managing Director and Head, Alternate Solutions Group and Retail Solutions group at CIBC , “This partnership further solidifies CIBC as a leader in the remittance industry…with the Chinese New Year one of the busiest times of the year for remittances to China, our money transfer service gives clients a less expensive way to send money abroad.” Customers sending money to China using the CIBC Global Money Transfer between the 16th of January and 16th of February 2016 will also be rewarded with a

Canadians sent an approximate of $4.2 billion in money transfers to China in 2015, equating to around one fifth of Canadas total global remittances. complimentary Year of Rooster pure silver coin, and have the chance to win one of eight tickets to Beijing or Shanghai. According to statistics from the World Bank, Canadians sent an approximate of $4.2 billion in money transfers to China in 2015, equating to around one fifth of Canadas total global remittances. CIBC’s move to partner with Union Pay could therefore prove profitable as they take advantage of transfers to this key market, particularly during the Chinese New Year.

CANADIAN BANKER 13


PAYMENTS & TECHNOLOGY

Royal Canadian Mint joints the blockchain party The Royal Canadian Mint (RCM), a corporation collecting and monitoring the circulation of coins, has joined the blockchain payments landscape. By partnering with gold and savings payments network, Goldmoney, trade of metals including silver and gold can be exchanged via the blockchain platform. According to Roy Sebag, Goldmoney’s CEO, “It’s no different than what gold or silver used to do, but in digital form,” Sebag said. “You’re circumventing the banking system and you’re able to exchange value instantly with no settlement delays.” In addition, John Moore, spokesman for RCM announced their plans to soon extend its relationship with Goldmoney to help establish a “leadership role in the global precious metal industry.”

By partnering with gold and savings payments network, Goldmoney, trade of metals including silver and gold can be exchanged via the blockchain platform.

14 RFi MEDIA


SME & COMMERCIAL

SME & Commercial WORDS KALLIA MANIKA

RBC introduces video banking

R

oyal Bank of Canada (RBC) has partnered with Vidyo, a global leader in video conferencing, to provide an innovative and flexible video chat service to its small sized enterprises. As a result of the partnership, small business owners across Canada will have the ability to communicate efficiently with their bank adviser from anywhere using a variety of devices. Since small-business owners have a busy schedule, video conferencing is expected to be a well-received by these customers. “One thing about these clients is they are very time-starved; they’re focused on building their business,” said Vice President of contact centre technology at RBC, Claude DeMone. At the same time, a video service is cost-effective for banks in comparison to a normal teller interaction which can cost $4, according to Ed O’Brien, Executive Vice President of research and strategy for ath Power Consulting, “A video meeting is much less expensive and you still have that customer experience on par with what they get in a branch”. The service is free of charge to RBC customers, with RBC the first bank to offer video banking capabilities on-the-go.

...the combination of digital with advice provided by a financial adviser could help to change this perception of the importance of branches. RFi Group research shows that proximity to bank branch among the key drivers of choice for SME operators, ranking 2nd as a factor influencing main business bank choice, whereas best digital capabilities are ranked 12th. However, the combination of digital with advice provided by a financial adviser could help to change this perception of the importance of branches.

THINKING BACK TO WHEN YOUR BUSINESS BEGAN ITS BANKING RELATIONSHIP WITH YOUR MAIN BANK, WHAT WERE YOUR KEY REASONS FOR CHOOSING THIS BANK? Ranked 1-5 - Top 15

Already had an existing personal relationship with this bank

49%

Proximity to bank branch

48%

Quality of bank staff

34%

Relationship existed before I joined the business

33%

Most competitive pricing and fees

30%

Right range of products to meet the business’ needs

29%

Demonstrate an interest in our business

25%

Willing to provide access to finance

23%

Favourable borrowing requirements

20%

Relationship existed before I joined the business

17%

Most competitive pricing and fees

15%

Right range of products to meet the business’ needs

14%

Demonstrate an interest in our business

11%

Willing to provide access to finance

8%

Favourable borrowing requirements

8%

0%

10%

20%

30%

40%

50%

60%

Source: RFi Group Canada SME Banking & Payments Council H2 2016

CANADIAN BANKER 15


RFi Group is pleased to announce the first annual:

CANADIAN SME BANKING FORUM - 2017 WEDNESDAY 29TH MARCH

TORONTO

“ON THE TIPPING POINT OF CHANGE� Comprising of 98% of all Canadian businesses, SMEs are undoubtedly one of the most significant segments of our business landscape. Canada, a naturally entrepreneurial nation, needs sophisticated business banks - and bankers - to meet the needs of their time-poor customers. There is big pool of clients, so how do you make those best businesses stick with you? This event will bring together the best international and domestic speakers to examine the latest insights and case studies in innovation across the SME Banking sector. Join over 300 banking executives to hear the latest in digital disruption that is shaking up the retail banking sector.

CALLING ALL SPEAKERS

SPONSORSHIP OPPORTUNITIES

If you are a thought leader in the space, or have an exciting announcement to make, please get in touch. We provide a great platform for industry leaders to discuss the most pertinent issues within the industry. Please contact:

We would love to have you partner with us to continue to make our events even bigger and bettereach year. For information on sponsorship and partnerships, please contact:

Sarah Hollinshead Events and Media Manager - North America shollinshead@rfigroup.com +1 416 644 8524

16 RFi MEDIA

Jaime Cabrera Commerical Director - North America jcabrera@rfigroup.com +1 416 640 7126


SME & COMMERCIAL

Manufacturing companies receive $4.25 million in financing

Government of Canada invests in Honda

Bibby Financial Services, a global funding provider for small and medium sized enterprises, will be offering CAD$4.25 million in funding to a small number of North American manufacturing firms. This brings the total funding made available by Bibby Financial throughout 2016 to CAD$300m. The alternative lender believes that the funds will help to increase liquidity, while they will also fill the gaps for capital needs for these firms. More specifically, CAD$1 million is expected to be going to an oil and gas industrial manufacturing firm for invoice discounting purposes. The remaining $3.25 million will be used for a Canadian vehicle maintenance repair and manufacturing company in order to help with receivables factoring, which enables access to the value of any outstanding invoice payments. Calum Williamson, Head of Operations at Bibby Financial Services Canada, in an interview with PYMNTS.com noted that the industry of manufacturing is an “ideal industry to lend against”, because the funding can be secured against hard assets, such as inventory, the plant or property.

In an attempt to support and maintain middle-class jobs, as well as to develop and encourage clean technologies, the Government of Canada is investing CAD$41.8 million in Honda of Canada Manufacturing over the next three years. “Our government’s support for innovation in the auto sector is a key part of our plan to drive economic growth to create a better Canada. That means better jobs, better opportunities, and better living standards for all Canadians. This investment in Honda of Canada will bring significant economic and environmental benefits to Canada both now and in the long term. It will keep our industry competitive and ensure that well-paying middle-class manufacturing jobs stay in Canada,” stated the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development. The financing is offered via the Automotive Innovation Fund (AIF), which supports greener and fuel-efficient vehicle development projects.

CANADIAN BANKER 17


ABOUT RFi GROUP

RFi Group is a global intelligence and digital media provider focusing exclusively on financial services. We specialise in data and information gathering, customer based insight generation and business decision support for the world’s leading financial service providers. Our aim is to combine global intelligence and local knowledge to provide insightful, valuable and actionable recommendations, with a core focus on the provision of exceptional client service. OUR BRANDS

Covering 44 key global markets with regional offices in San Francisco, Toronto, London, Singapore, Hong Kong and Sydney, RFi Group consistently provides clients with tailored advice and independent intelligence relevant to their specific markets and business needs. EXCLUSIVE FOCUS ON BANKING AND FINANCE RFi Group’s expertise and deep understanding of the banking and finance sector delivers high-value outcomes. Our areas of expertise include: Retail Banking Mortgages Transaction Accounts Savings Accounts Consumer Lending Cards and Payments

For any advertisement enquiries, please contact your regional RFi office or email your enquiry to agrisaffe@rfigroup.com For more information, visit: www.rfigroup.com www.globalretailbanker.com

18 RFi MEDIA

Mobility and Banking Technology SME and Business Banking Private Banking Wealth Management Banking Regulation

RFi AUSTRALIA & NZ

RFi NORTH & LATIN AMERICA

Level 12 70 Phillip Street Sydney NSW 2000 Australia

One Embarcadero Center Suite 500 San Francisco, CA 94111, USA

P +61 2 9126 2600

P +1 415 315 1690

RFi NORTH ASIA

RFi ASIA

Unit 740, 2 Exchange Square 8 Connaught Place Central Hong Kong

Level 12, 9 Battery Road Straits Trading Building Singapore 049910

P +852 2297 2427

P +65 6597 7028

RFi EMEA

RFi CANADA

2nd Floor, Saxon House 48 Southwark Street London SE1 1UN United Kingdom

100 King Street West Suite 5600 Toronto, Ontario M5X 1C9

P +44 203 862 2166

P +1 416 644 8524


ABOUT RFi GROUP

RFi GROUP ACTIVE IN 44 INTERNATIONAL MARKETS

Our markets include Australia, Argentina, Belgium, Brazil, Canada, Chile, China, Colombia, Egypt, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Korea, Kuwait, Lebanon, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Peru, Philippines, Poland, Qatar, Saudi Arabia, Singapore, South Africa, Spain, Sri Lanka, Switzerland, Taiwan, Thailand, Turkey, UAE, UK, Uruguay, USA and Vietnam.

SOME OF OUR CLIENTS AROUND THE WORLD

GLOBAL

AU / NZ

ASIA

EMEA

AMERICAS

CANADIAN BANKER 19


RFi Group’s syndicated research RFi Group is a global intelligence and media provider focused exclusively on financial services. We specialize in data and information gathering, customer based insight generation and business decision support for the world’s leading financial service providers. Our syndicated research is delivered via our Financial Councils model. Upcoming North American Financial Council research includes:

RESULTS OUT NOW

COMING SOON

2016 H2 Canada Retail Banking Council 2016 H2 Canada Payments Council 2016 H2 Canada SME Banking & Payments Council 2016 H2 Canada Commercial Banking Council

2017 H1 Canada Merchant Acquiring Council 2017 H1 Canada Insurance Council 2017 H1 Canada Digital Banking Council 2017 H1 Canada SME Digital Banking Council

2016 H2 USA Priority & Retail Banking Council

Find out how you can access RFi Group’s latest business intelligence! For further information, contact Jaime Cabrera on jcabrera@rfigroup.com or +1 416 644 8524

Profile for Adelle Grisaffe

Canadian Banker - February 2017 edition  

An RFi Group publication

Canadian Banker - February 2017 edition  

An RFi Group publication