Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
Canadian bank CEOs signal slower growth ahead amid trade tensions, falling rates: The top executives of Canada’s biggest banks are signalling slower growth ahead amid looming trade tensions and America’s falling interest rates, but the lenders remain confident they’ll be able to adapt to the changing environment. Story (Canadian Press)
CEOs of Deutsche and Commerzbank warn ECB rate cut could harm financial system: The CEOs of Germany’s two largest listed banks on Wednesday warned that a further cut in interest rates by the European Central Bank would deal a blow to savers and the financial system while having only minimal effect on the economy. Story (Reuters)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
U.S. IPOs hope for stock market volatility reprieve: U.S. companies planning to launch initial public offerings (IPOs) in the coming weeks are hoping that August’s bout of stock market volatility will subside this month, according to investment bankers and capital markets lawyers advising them. Story (Reuters)
3G Capital selling $3-billion shares in Tim Hortons owner: Brazilian private equity firm 3G Capital Partners Ltd. sold shares in Restaurant Brands International Inc. for US$3-billion in the past month, regulatory filings showed. Story (Reuters)
Saudi Aramco’s new chairman says he’ll work to prepare oil giant for IPO: Saudi Aramco’s new chairman Yasir al-Rumayyan said on Wednesday he would work with international parties and local ministries to prepare for a listing of the oil-producing giant, state-run Saudi news agency SPA quoted him as saying. Story (Reuters)
With IPO looming, WeWork adds a woman to its board, and CEO returns controversial payment: WeWork owner The We Company took some steps on Wednesday to burnish its appeal to investors ahead of its initial public offering by adding a woman, Frances Frei, to its all-male board and announcing that its CEO would return a $5.9 million payment for use of the trademarked word “We.” Story (Reuters)
IN CASE YOU MISSED IT
Vancouver-area legal software company Clio raises $250-million in venture capital funding: A Vancouver-area software firm that helps lawyers manage their practices over the internet has secured the largest single venture-capital financing in Canadian history. Themis Solutions Inc., which operates as Clio, was set to announce Wednesday that American growth equity firms TCV and JMI Equity are investing a combined US$250-million ( in equity for a minority stake in the 11-year-old company based in Burnaby, B.C. The parties did not disclose how much of the proceeds will go to buy out existing shareholders. Story (Sean Silcoff)
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