07:55 AM EDT, 09/05/2024 (MT Newswires) -- Bloomberg also mentioned Bank of Montreal ( BERZ ) , Canadian Imperial Bank (CIBC) and Bank of Nova Scotia ( BNS ) (Scotia) and TD Bank (TD) in its report entitled 'RBC Plans to Sit Out Bank Consolidation Wave in US'.

Bloomberg noted Bank of Montreal ( BERZ ) CEO Darryl White, whose firm acquired San Francisco-based Bank of the West last year, said he's still optimistic about the US market despite facing some recent challenges there. "I acknowledge the popularity index on investment in the US is not very high right now, but I think you have to be very careful to not paint that with one brush," he said at the Scotiabank conference, noting that Wednesday was the 40th anniversary of BMO's purchase of Chicago-based Harris Bankcorp.

BMO has been beset by sluggish revenue growth in the US, higher funding costs and more expensive deposits, White said. And its exposure to US commercial lending was a big factor in the bank's outsize credit-loss provisions that dragged down third-quarter results.

But the size of the market dwarfs Canada's, and White said he remains convinced that the US is the best place to deploy excess capital as a long-term strategy.

Canadian Imperial Bank of Commerce ( CM ) CEO Victor Dodig said Wednesday that he's looking at organic growth in the US, and Scotiabank's Scott Thomson touted his company's recent announcement of plans to acquire just under 15% of Cleveland-based KeyCorp.

Bloomberg noted Toronto-Dominion Bank ( MLWIQXX ), meanwhile, could face regulatory limits on US acquisitions when it resolves a series of US probes into alleged lapses in its anti-money laundering controls. It already had to walk away from its $13.4 billion deal to acquire First Horizon Corp. as a result of the investigations.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)