Chapter 1689: Chapter 631: Financial Giant
“Mr. Dai!”
“Mr. Block!”
Donnie and Toronto Mayor Ralph Dai similarly embraced each other.
Unlike Mitchell Hepburn who was reelected, Ralph Dai was elected as Toronto’s mayor just this year.
But he shares a similar experience with Donnie, having participated in World War I.
He truly fought on the battlefield.
When World War I broke out, Canada’s recruitnt activities ca to Toronto, and the then 17-year-old Ralph Dai lied about his age and birthdate to join the 169th Battalion.
Later, his officers saw potential in this young man and promoted him from an ordinary private to corporal, sergeant, and beca the deputy commander of a platoon.
With the advancent of training and preparation, he was transferred to the 116th Battalion.
After retiring from the army, Ralph Dai began to actively engage in politics and finally defeated William Robbins this year to beco the mayor of Toronto.
“Mr. Block, regarding your decision, I express my deepest gratitude on behalf of the citizens of Toronto!”
Ralph Dai held Donnie’s hand and spoke seriously and sincerely.
He had reason to say so.
The financial crisis that erupted in the United States affected not just the United States, Europe, and Canada also suffered greatly.
Canada’s unemploynt rate reached 30%, and workers’ wages fell by 60%.
The first thing every politician promises when taking office is to resolve the unemploynt issue.
Ralph Dai is no exception.
During his campaign for Toronto mayor, the most important political platform he presented was this.
Ralph Dai is confident because Donnie has already decided to build two Cadillac factories in Toronto.
This not only provides Toronto with solutions for so of the unemployed population but also creates a more comrcial environnt for the city through the establishnt of these two automobile factories.
“I also need to thank you, Mr. Dai, and of course Mr. Hepburn!”
Donnie said, smiling at these two important figures in Canadian politics.
“If it weren’t for your help, Honor Bank wouldn’t have succeeded!”
Just as Donnie stated before coming to Canada, he has already started his business layout in Canada.
First, they established the first bank, Honor Bank, in Toronto, their Canadian headquarters.
Of course, Honor Bank is entirely owned by Honor Investnts, created by Donnie, Walker, Bruce Currie, and so Canadian aristocrats including Mitchell Hepburn and Ralph Dai!
The reason Donnie didn’t use Venus Bank’s na is mainly due to the strict regulation of a sovereign nation over its banking industry.
Taking Canada as an example, they allow foreign holdings in Canadian banks, but the holding ratio must not exceed 8%.
Therefore, Donnie chose a compromise, having Honor Investnts holding the full stake in Honor Bank, established in Canada.
This approach doesn’t quite comply with Canadian law, but with proper managent, the issue can still be resolved.
“Mr. Block’s establishnt of Honor Bank in Toronto is for Canada’s economic developnt; we naturally fully support it!”
Mitchell Hepburn said with a laugh.
Both Mitchell Hepburn and Ralph Dai have close cooperation with Bruce Currie.
Now there’s an urgent need to deepen cooperation between both parties, which is a better choice for both of them.
And for Donnie, it is actually a very good choice as well.
Toronto and Vancouver are very well-known cities in Canada.
Moreover, Toronto is inherently a city with a very developed financial industry in Canada.
The headquarters of Toronto Bank, TD Bank, Royal Bank of Canada, Montreal Bank, and Scotiabank are all located in Toronto.
Among them, Toronto Bank and TD Bank rged in 1955 to form the later well-known Toronto-Dominion Bank!
Montreal Bank is even more powerful; before the Canadian Central Bank was established, Montreal Bank acted with the powers of a central bank in Canada.
“Mr. Block, we finally et!”
While Donnie was chatting with Mitchell Hepburn and Ralph Dai.
Morris Wilson, president of Royal Bank of Canada, and John Richardson, president of Montreal Bank, ca over holding champagne.
Seeing the two, Donnie also smiled broadly: “Honor Bank in Canada is just starting, and will need much assistance from both of you in the future!”
The Royal Bank of Canada has essentially beco a public bank, without a real major shareholder.
Simply put, the Royal Bank of Canada is sowhat similar to Hong Kong’s HSBC; it has its own board of directors but no absolute major shareholder.
The bank’s president is the Royal Bank of Canada’s greatest authority.
As for Montreal Bank, its situation is sowhat more complex; it was initially founded by John Richardson (the ancestor of the current Montreal Bank president) and eight rchants with a charter, in a rented house in Montreal, Quebec, initially nad Montreal Bank, and adopted its current na in 1822, becoming Canada’s oldest bank.
From the late last century to this century, Montreal Bank constantly expanded through rgers and acquisitions.
For example, it rged with Yarmouth Exchange Bank in 1903, Canadian rchants Bank in March 1922, Molson Bank in January 1925, and Newfoundland Savings Bank in January 1962.
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