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National securities regulator possible: Spiring
Charlie Spiring, vice-chair of National Bank Financial, will sit down with Geoff Kirbyson at the News Café on Wednesday morning (PHIL HOSSACK / WINNIPEG FREE PRESS ARCHIVES) Photo Store
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Charlie Spiring thinks a national securities regulator could be a reality in as little as one year.
The vice-chair of National Bank Financial and former CEO of Wellington West Capital, said he believes Prime Minister Harper's government is on board to replace the country's 10 provincial and three territorial regulators with a single national body.
Such a move could save the financial services industry many millions of dollars, which could result in higher returns for investors, he said in an interview this morning at the Winnipeg Free Press News Café.
Spiring also told a few stories from behind the scenes prior to Wellington West's sale to National Bank Financial for $333 million in May 2011. He said he knew NBF was the best fit of all of Canada's banks but he created the threat of an auction process by hiring CIBC to get involved in the process and that lit a fire under NBF and get it to pay top dollar. In fact, he said NBF paid out another $77 million to cover off severance and other employee expenses.
"This was my Super Bowl. I wanted to make sure all of our employees were taken care of," he said.
geoff.kirbyson@freepress.mb.ca
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Updated on Wednesday, March 6, 2013 at 11:40 AM CST: Updates after interview.
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