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Rogers Bank Adds to OSFI’s Inbox

Rogers-BankRogers Communications wants to add banking to its mix of wireless, cable and media holdings. The Globe reports that it already has a bank application with OSFI (Canada’s banking regulator).

At this point, Rogers appears to have no plans to venture into mortgage lending.

Its application adds to the list of 12 bank applications currently pending at OSFI.

In the last two years, OSFI has granted bank licences to only two companies: HomEquity Bank and Walmart Canada Bank.

Industry sources suggest OSFI regulators are as scrutinizing as ever of applicants’ financial resources and business plans—which may partly explain why certain lenders’ applications have been hung up (no need to name names).

A spokesperson says: “The volume of bank applications has decreased since August 2007 (before the credit crisis), although not significantly.”

Rob McLister, CMT