Briefly:

(March 14, 2008) High-net-worth clients could soon be invited to take advantage of a new credit card offering from RBC Royal Bank. The Visa Infinite card is available by invitation only and offers enhanced service, a customizable rewards program and access to premium insurance products.

So far, RBC is the only Canadian bank to offer the Visa Infinite card. It will also be available as an add-on to the bank’s existing RBC Platinum Avion Visa card.

“The Infinite edition of our Avion card will give our customers access to exclusive benefits and services they can’t experience with any other card,” said Sean Amato-Gauci, vice-president, Credit Cards, RBC Royal Bank. “These privileges will be added to the most flexible travel program in Canada that already provides Avion clients access to flights on any airline, with no blackout periods and points that never expire.”

Loring Ward bid dropped

(March 14, 2008) A shareholder’s bid to take over Loring Ward International has been scrapped, as Werba Reinhard Holdings has withdrawn its offer.

The board of Loring Ward had recommended other shareholders reject the offer, saying it was simply too low. The company says it will still entertain offers from other interested parties, while inviting Werba Reinhard to submit another bid, so long as the suitor signs off on a confidentiality and standstill agreement.

TD given go-ahead on U.S. purchase

(March 14, 2008) Regulators have given the green light to TD Bank Financial Group’s acquisition of U.S.-based Commerce Bancorp.

“We’re delighted with this important milestone that brings us closer to officially welcoming Commerce customers, employees and shareholders into the TD family,” said Ed Clark, TD Bank Financial Group president and CEO. “The combination of TD, TD Banknorth and Commerce is set to make us a truly North American powerhouse — one that will define what outstanding convenience and service in banking is all about.”

The deal is now expected to close “in the next few weeks,” according to a press release. TD will host a conference call for investors shortly after the closing, to discuss the impact of the deal.

(03/14/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.