Toronto financial services industry ripe for Asian partnerships

Discovery Reports

Supported by:Discovery Reports

As a top 10 global hub and the second largest financial services centre in North America, Toronto is ripe for partnerships with Asian investors looking for stable global platforms. Toronto Financial Services Alliance (TFSA) can help develop East-West synergies.

A public-private partnership, TFSA has Canada's leading financial services firms among its members. These include Manulife Financial, Royal Bank of Canada and Canada Pension Plan Investment Board. The Ontario provincial government and the City of Toronto are part of its leadership council. Together, they strengthen Toronto's position as a financial capital and destination for high-quality jobs, which make the financial services industry valuable to Canada's economic growth.

Toronto is home to five of the largest domestic Canadian banks, with global banks such as HSBC, Citigroup and Bank of America also locating operations there.

The Toronto Stock Exchange is a world leader in mining, metals, energy and clean technology financings, with a recognised platform for world-class issues. Its parent TMX Group was the world's eighth largest exchange last year in terms of market capitalisation.

"Canada's demonstrated stability economically and in the financial industry, despite the global financial crisis, has generated increased awareness of Toronto as a growing global financial hub," says Janet Ecker, TFSA president.

"Our financial institutions are also growing global players while, at home, they remain expert at providing high-quality consumer services on large national platforms, across time zones and with multicultural workforces. Their global and domestic success has helped increase jobs, economic growth and Canada's GDP."

Toronto has a strong talent base in financial services and legal practice. TFSA helps sustain this key strength with its Centre of Excellence in Financial Services Education. It works with the business community and educational institutions to keep the quality of education top-notch.

"Canada's diversity supports long-term economic growth that helps sustain quality of life," Ecker says.