Canada

The Toronto-based banking giant reported better third-quarter profit growth and credit quality south of the border than in its core Canadian market.

Even as U.S.-Canadian trade relations reached a new low, Canada's second-largest bank reported strong profit growth at its American business.

Royal Bank of Canada executives said they see plenty of organic-growth opportunities in the U.S., including in Texas, but would also consider acquisitions.

Executives at two of Canada's largest banks expressed confidence Tuesday that they can survive a new trade war. But analysts warn that the situation is highly unpredictable.

Scotiabank is almost three years into a new strategy under CEO Scott Thomson and this is a pivotal year for the bank to begin showing results.

Canada's largest bank beat Wall Street's expectations in the second quarter. But some analysts were puzzled by RBC's decision to shrink its provisions for credit losses at the same time as its executives were acknowledging "elevated" macroeconomic uncertainty.

Tether launches a wallet, Rain issues a crypto card and MoneyGram extends stablecoin services in El Salvador. That and more in American Banker's global payments and fintech roundup.

The Royal Bank of Canada's base outlook is that tariffs will remain at their current levels. But it also sees a possibility that U.S. trade policy will bring on a severe North American recession.

Canadian banks, financial institutions, fintechs and commerce companies have come together to develop a Canadian dollar-backed stablecoin that is slated to go live in early 2026. The move comes as U.S.-based banks continue to evaluate their own participation in the post-GENIUS Act world.

The Toronto-based bank announced enterprise-wide and business-specific revenue and expense targets, almost exactly one year after it was hit with more than $3 billion in fines and an asset cap for money-laundering-related blunders.

The Canadian bank said it will take at least a year to hit an inflection point in U.S. loan growth. It has been shedding assets in an effort to free up space for growth in more promising business lines.

The Toronto-based bank has promoted Kevin Li to take over as head of its American operations. He will succeed Shawn Beber, who is retiring.

The card brand's Pismo platform will support banking services for the Auckland-based fintech Dosh; Tether collaborates with a blockchain firm to expand USDT. That and more in American Banker's global payments and fintech roundup.

The U.K. challenger bank would follow London fintech Wise in emphasizing New York over London in an effort to boost valuation and establish a foothold in the U.S. Plus, Lloyds is in talks to buy all-in-one card fintech Curve; and more news in the global payments and fintech roundup.

A jump in provisions dragged down the Royal Bank of Canada's profits last quarter, prompted by the bank's fears of a potential tariff-driven recession.

The bank, which expanded into the U.S. last year by investing in KeyCorp, wants to provide wealth management to rich Indian immigrants, many of whom own businesses.

As Trump loomed over the election, Mark Carney told supporters he would focus on strengthening Canada's economic independence, including making the nation into an "energy superpower."

Dodig, who has led the Canadian bank since 2014, will be succeeded by Harry Culham, CIBC's head of capital markets.

The president exempted Mexican and Canadian goods covered by the North American trade agreement from his 25% tariffs, offering reprieves to America's two largest trading partners.

President Donald Trump's 25% tariffs on Canada and Mexico are on track to go into place on Tuesday and he plans to impose an additional 10% tax on Chinese imports, moves that would deepen his fight with the nation's largest trading partners.