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New banking competitor approved

Finance Minister Jim Flaherty issued in June letters patent to incorporate a Schedule I bank under the Bank Act as an indirect wholly owned subsidiary of Canadian First Financial Holdings Limited.

Through an affiliation with equity Associates, “Canadian First will provide one-stop shopping convenience through its locally owned financial centres, providing customers with banking services, mortgages, wealth management and insurance products,” a statement said. The organization aims to begin operations later this year.◊