Canada regulator says banks eyeing foreign assets

Tue Mar 10, 2009 10:55am EDT
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OTTAWA (Reuters) - The head of Canada's banking regulator said that Canadian financial institutions are looking at whether they should acquire assets in other countries hit by the global financial crisis.

Julie Dickson, head of the Office of the Superintendent of Financial Institutions, told a parliamentary finance committee that Canadian banks -- considered the soundest in the world -- and insurance companies are becoming big in market terms so they are looking at acquiring assets.

She said however, that caution is "definitely warranted" and that no transactions have been announced so far.

(Reporting by Louise Egan; editing by Rob Wilson)