Rogers 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
Finally Canadian cell phone payments will be on par with Africa. What took so long.
I can hardly wait to ditch plastic.
someone rightly said…
“why make money by providing services when you can make money by taking their money”
I have simply lost count of the number of billing and account errors that Rogers has made over the years with my cable TV, Internet, and phone service. I can’t imagine trusting them with my money.
Hi Rob,
Who are the 12 pending applications for? I beleive Resmor and Exceed are 2 of them. Can you list the other 10?
Hi Bob, OSFI doesn’t disclose pending applicants. We asked them this same question last week.
I heard a rumour that the guys who started Resmor are getting a bank license and launching a new lender. Has anyone else heard anything similar?
It’s called Moncana Bank
They have the license and will begin funding mortgages within the next couple months.