Bank of Canada bailed out a troubled bank.
The Canadian central bank loaned Continental Bank of Canada $1.4 billion to help it cope with the withdrawal of nearly a quarter of its total deposits. Continental, Canada’s seventh-largest bank, said it also arranged a $1.5-billion standby loan with the nation’s six largest commercial banks. Continental’s chairman, David Lewis, said the deposit outflows were the result of speculation about the bank’s weakness in the wake of the collapse of two western Canadian banks in September.
More to Read
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.