Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
Regulator requires Canadian banks to increase capital reserves as a buffer for bad times: Canada’s banking regulator raised minimum capital levels for large banks for the third time in the past year, nudging banks to build up reserves that they can draw on to continue lending in a downturn. Story (James Bradshaw)
Desjardins expands identity-protection program after revealing additional 1.8 million people had information stolen: Desjardins Group is expanding its identity-protection plan to cover all of its eight million customers in the wake of one of the largest known Canadian financial service data leaks. Story (Les Perreaux)
Sun Life uses technology to lower health-care costs for customers: Two years after Jacques Goulet took over the helm as president of Sun Life Financial Canada, the insurer is cutting health-care costs for customers through digital applications that steer users to lower-cost options, while also driving down market costs for some medical products. Story (Clare O’Hara)
Paramount Financial receiver sues Toronto-area developer, claiming he took $18.8-million for his ‘personal benefit’: The court-appointed receiver for Paramount Financial Equity Corporation, which sold investments in pooled mortgage funds until its collapse in 2017, is suing a Toronto-area developer, alleging that he improperly diverted $18.8-million from Paramount-funded projects for his “personal benefit.” Story (Greg McArthur)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCING
GFL raises $1.4-billion weeks after failed IPO to keep acquisition streak going: Fresh off its failed initial public offering, GFL Environmental Inc. is raising $1.4-billion in private markets to fuel more acquisitions. Story (Tim Kiladze)
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