Finance: Bank mergers

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Client

A top-tier Canadian bank

Challenge

Four of Canada's six major banks proposed two mergers that, if approved by the Federal Government, would have reduced the banks to four and significantly altered the shape of Canada's banking sector. Our client opposed the proposed mergers. It was unclear how the Government would react to the proposed mergers and whether the public could be effectively mobilized to oppose the mergers in light of the resources the merging banks would marshal to support their plans.

Strategy

We provided a comprehensive government relations and communications plan that included several measures, including:

• providing critical back channel intelligence on the Government's disposition towards the mergers;
• representing the Bank in ongoing discussions with key federal regulators, senior officials of the Department of Finance, influential federal Members of Parliament, ministerial staff advisors and the Minister of Finance;
• Developed a public interest case against the bank mergers;
• Assisted in positioning the Bank as the leader of the opposition to the proposed mergers;
• Developed key messages and communications materials for various target audiences, including government decision-makers, third party allies, the media and the general public.

Results

Success. Our work helped to galvanize active opposition to the mergers from consumers, small business and other stakeholder groups concerned about reduced competition, reduced services and higher costs. The Government refused to approve the proposed mergers on the grounds that they were not in the public interest.