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Saturday, August 20, 2005

Peter C. Newman On An Alberta-Built Big Bank

Western Financial Group based in High River, AB could become the major banking power in the West to compete with the Bay Street Bulwarks, according to an article by Peter C. Newman in Macleans.

Western Financial Group head, Scott Tannas is assembling a powerful network that bypasses Bay Street in favor of Montreal's Anglo Establishment.

How will WFG jump into the ring with the Bay Street banks? By positioning itself to acquire Alberta Treasury Branch when it is inevitably privatized.

The implications for Alberta's autonomy are significant. Newman himself says that real power lies with the banks, not the politicians.

If Alberta could have a bank of big-box proportions, the current Bay Street dependency would be ended. Furthermore, it would signal the placement of one more cornerstone in the construction of a viable, free-standing Alberta.

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