Greenwich Associates names BMO Capital Markets and RBC Capital Markets as the top firms in its latest survey of Canadian investment banking firms.
Greenwich reports that between 55% and 60% of large Canadian companies use BMO Capital Markets and/or RBC Capital Markets as an important provider of investment banking services, market penetration levels that put the two firms in a tie atop the Canadian investment banking market.
BMO and RBC are followed by Scotia Capital and CIBC World Markets, which tie for third place with market penetration scores between 40% and 50%, and TD Securities, which is used as an important investment banking service provider by approximately 40% of large Canadian companies.
“BMO and RBC have carved out these large footprints mainly providing service quality to companies, financial institutions and governments that is second to none,” says Greenwich Associates consultant, Jay Bennett.
Additionally, Greenwich Associates names “Quality Leaders” in various facets of the banking business, singling out firms that receive quality ratings from clients that exceed those awarded to competitors by a statistically significant margin. The 2011 Greenwich Quality Leaders in Canadian mergers & acquisitions are BMO Capital Markets and RBC Capital Markets, and they were also named Greenwich Quality Leaders this year in Canadian equity capital markets. RBC is the 2011 Greenwich Quality Leader in Canadian debt capital markets.
“RBC Capital Markets has also leveraged its market-leading quality to a position of leadership in debt capital markets,” says Greenwich Associates consultant, Peter Kane.
RBC Capital Markets dominates the debt market share according to Greenwich, with a market penetration score of 68% in debt capital markets. Scotia, BMO, CIBC, and TD rank next, each is used as an important provider of debt capital markets services by 40-45% of large Canadian companies.