RBC Dominion Securities to Receive Transfer of MF Global Canada Inc. Client Accounts

On November 14, 2011 RBC Dominion Securities announced it had agreed to the transfer of client accounts from MF Global Canada Inc., whose parent company, MF Global Holdings Ltd. filed for Chapter 11 bankruptcy on October 31, 2011.

On November 14, 2011, the Ontario Superior Court of Justice approved the transfer of certain MF Global Canada client accounts to RBC Dominion Securities. Holdings in the accounts to be transferred include futures, equity and fixed income positions. This transfer will enable these account holders to access their accounts.

KPMG, the Court-appointed trustee in bankruptcy, and the Canadian Investor Protection Fund (CIPF) approached RBC Dominion Securities after the bankruptcy filing to request accommodating a bulk transfer of accounts and positions. RBC was approached given its strong balance sheet and commitment to the futures business.

“We have been working diligently with KPMG to secure the required approvals and resolve the matter for MF Global Canada clients,” said David Agnew, Head, RBC Wealth Management Canada. “We realize that the past two weeks have been very stressful for MF Global Canada clients. RBC Dominion Securities is happy to be in a position to assist.”

On Tuesday November 15, RBC Dominion Securities will begin proactively contacting clients of MF Global Canada and working with them to expedite access to their accounts.

RBC Dominion Securities has a robust infrastructure that can accommodate trading and hedging solutions across major markets for futures, options and commodities, including its own clearing capability for futures and options trading. This is in addition to disciplined investment management expertise in equities, fixed income and foreign exchange, as well as a comprehensive range of estate and wealth planning solutions.

Further information about the bankruptcy of MF Global Canada is available on the KPMG website kpmg.ca/mfglobalcanada, by e-mail mfglobalcanada@kpmg.ca, or by phone (416 777 3666 or toll-free at 1 866 602 6743).

About RBC Dominion Securities
With over 400,000 clients across Canada and worldwide, and $180 billion in assets under administration, RBC Dominion Securities is Canada’s leading full-service investment and wealth management firm for affluent and high net worth investors. While investment management is the core offering, our 1,500 investment advisors and portfolio managers also provide a full range of wealth management advice and solutions, such as insurance, retirement, estate and tax planning and charitable giving to help our clients preserve, grow and pass on their wealth. www.rbcds.com

For more information, contact:
Bev MacLean, Corporate Communications, RBC,  416-974-9334

Canadians are in a Gift-Giving Mood for the Season According to RBC Survey

TORONTO, November 22, 2011— With the holiday season just 32 shopping days away, there may be a few more presents under the tree this year. According to an RBC survey, Canadian gift-givers are planning to spend an average of $640 on gifts – up from $624 last year – and on average they will be spending $100 more than last year ($612 compared to $512) on other holiday items (entertainment, decorations, travel, etc.)

If last year’s spending intentions and actual expenditures are any indication, Canadians will be experiencing yet another post-holiday headache, trying to pay off their bills in the New Year. In 2010, one-third of holiday shoppers who went over budget spent an average of $429 more than they intended – Atlantic Canadians actually overspent by $521, the highest expenditure in the country – and ended up cutting back on entertainment, day-to-day living expenses, credit card use and coffee/lunch costs to make up the difference.

“Having a budget in mind before you start checking off your holiday gift list will help ensure you’re only spending what you know you can afford. It can be easy to get carried away with the holiday spirit when you’re out shopping,” advised Maria Contreras, product manager, Savings Accounts, RBC. “The very best gift you can give to yourself and your family is a debt-free holiday season – and a financially worry-free New Year.”

Many Canadians intend to use money in hand to do their gift-buying, including cash (55 per cent) and debit cards (27 per cent) among their top three financing options for holiday purchases. Credit cards (37 per cent) round out the top three. Another sign that consumers are budget-minded: only 10 per cent said they hadn’t yet thought about how to finance their holiday spending, compared to 20 per cent in 2010.

“Enjoying the holidays doesn’t have to come with a big price tag attached,” added Contreras. “A little planning ahead can help you stay within your spending limits for the holidays, as well as all year round. Ideally, you’ll not only be covering your expenses, you’ll also be saving money for your future goals. You can also use online financial management tools such as myFinanceTracker, a great solution for setting and tracking budgets, savings goals and spending habits.”

Six Savings Tips for the Holidays and Year-Round

  1. Curb your impulses. Count to 30 before impulse buying in a store, or wait 24 hours before making an online shopping decision.
  2. Pay yourself first. Make your savings plan part of your bill paying routine, just like cable, utilities and mortgage payments.
  3. Track your expenses. Make a list of all your expenditures over three months to see where there are opportunities to turn spending into saving.
  4. Keep a separate savings account. Set up an account dedicated to savings; in this way, your savings won’t get mixed in with your day-to-day cash.
  5. Set a target date for your savings goal. Having a deadline can help you decide how much to put away and how often.
  6. Visualize your savings goal. Are you saving for a vacation? A big screen TV? Keep a photo of your dream on hand, to inspire you to continue saving.

About the RBC survey

As part of Canada’s most comprehensive consumer attitudes poll, this survey was conducted online via Ipsos Reid’s national I-Say Consumer Panel to 3,054 Canadians (453 British Columbia, 454 Alberta, 458 Saskatchewan/Manitoba, 705 Ontario, 516 Quebec, 467 Atlantic Canada). Weighting was then employed to balance demographics and ensure that the sample’s composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. Data collection was September 26 to October 03, 2011. A survey with an unweighted probability sample of this size and a 100 per cent response rate would have an estimated margin of error of ±1.65 percentage points, 19 times out of 20, of what the results would have been had the entire population of adults in Canada been polled.

For more information, contact:
Kathy Bevan, RBC Corporate Communications, 416 974-2727
Craig Christie, RBC Corporate Communications, 416 974-8820

Canadians Plan to Retire at 63 on Average

According to a recent CIBC poll conducted by Harris/Decima, the average Canadian plans to retire at 63. The poll also shows that as Canadians draw closer to retirement they become less optimistic about achieving their savings goals and believe it more likely they’ll carry some debt into retirement.

As much as 22% of Canadians expect to carry debt into their retirement. But, from past CIBC research the numbers show that 54% of retired Canadians hold some form of debt.

CIBC is using this research to persuade Canadians to save more for their retirement as shown by a statement by Christina Kramer, Executive Vice-President, Retail Distribution and Channel Strategy, CIBC:

“Our CIBC Poll shows that Canadians set out with a vision of building up their savings and eliminating debt to retire at a time of their choosing, but with each passing year they feel less optimistic about their plans,” …”These findings demonstrate the importance of having a plan in place and making progress towards your goals every year, to give you the flexibility to make choices about when and how you retire.”

Although past CIBC polls show that Canadians believe they will be debt free by age 55, many don’t achieve this target. If debt is carried closer to person’s target retirement age of 63, it will restrict the cash flow available for savings and will likely lead to Canadians missing the savings goals they have set for themselves.

“Your finances are all connected, meaning the more effective you are at debt management, the more funds you have available to accelerate savings for retirement,” commented Ms. Kramer. “Sitting down with an advisor to map out a strategy that addresses both your savings and debt management plans is an integral step to achieving your long term savings goals and enjoying the retirement you want.”

POLL HIGHLIGHTS

Average age at which Canadians expect to retire:

National Average – Age 63
Atlantic Canada – Age 62
Quebec – Age 62
Ontario – Age 63
Manitoba/Saskatchewan – Age 63
Alberta – Age 62
BC – Age 64

Percentage of Canadians, by age, who believe the main reason they will retire is that they will have saved enough money to do so:

Age 18-24 – 50 per cent
Age 25-34 – 43 per cent
Age 35-44 – 37 per cent
Age 45-54 – 35 per cent
Age 55-64 – 21 per cent

Percentage of Canadians by age who expect to carry some debt into their eventual retirement:

Age 18-24 – 13 per cent
Age 25-34 – 15 per cent
Age 35-44 – 24 per cent
Age 45-54 – 26 per cent
Age 55-64 – 31 per cent

Each week, Harris/Decima interviews just over 1000 Canadians through teleVox, the company’s national telephone omnibus survey. These data were gathered in a sample of 1,116 employed Canadians and 683 retired Canadians betweenSeptember 8th and 19th, 2011. A sample of this size has a margin of error of +/-2.9% and 3.7% respectively, 19 times out of 20.

CIBC (CM: TSX;NYSE) is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.

Canadian Western Bank Senior Debt Rating is A(low)

According to the Dominion Bond Rating Service (DBRS) based in Toronto, Canada, yesterday it has confirmed the Deposits & Senior Debt rating of Canadian Western Bank (CWB) at A (low) and its Subordinated Debt rating at BBB (high) with all trends remaining Stable.  DBRS also recognizes CWB’s long history of low write-off rates and its use of “relationship-based lending” (a key principle well depicted in “The Banker Who Saved  His Soul”.

From the CBRS website –

CWB’s most important strengths are its strong asset quality as evidenced by its very long history of low write-off rates, its proven niche strategy using relationship-based lending, its low-cost base (partially due to its business mix) and its strong internal capital generation characteristics. Funding diversification has improved over the past several years. 

Challenges include concentration in the loan book, both geographically (Alberta and British Columbia) and by industry (commercial, construction and real estate lending), although the secured nature of the loan book and the low write-off rates suggest this issue has been well managed throughout the Bank’s history.

CWB recently reported earnings of $133 million (a return on equity of 15.7%) for the nine months ended July 31, 2011, a 15% increase over adjusted earnings for the similar period in 2010, when it reported an adjusted profit of $116 million. The earnings increase was in part due to higher net interest income and the acquisition of National Leasing Group Inc. (NL) in Q2 2010. Both periods included significant gains on securities, which are not expected to recur. The most recent quarter was CWB’s 93rd consecutive profitable quarter (more than 23 years). Loan loss provisions relative to average loans were 20 basis points (bps) annualized in the first three quarters of 2011, down a little from 21 bps for full-year 2010. Gross non-performing loans as a percentage of gross loans have improved over the course of the year relative to both the loan book and to common equity and reserves. Liquidity levels were temporarily below targeted levels at the end of Q3 2011, but they have since recovered. 

Under DBRS’s global rating methodology for banks, Canadian Western Bank’s long-term Deposits & Senior Debt rating has an intrinsic assessment of A (low) and a support assessment of SA3. The SA3 rating, which reflects the expectation of no timely external support, results in the final rating being equivalent to the intrinsic assessment.

RATINGS

Issuer Debt Rated Rating Action Rating Trend Notes Published
Canadian Western Bank Deposits & Senior Debt Confirmed A (low) Stb Oct 28, 2011
Canadian Western Bank Subordinated Debt Confirmed BBB (high) Stb Oct 28, 2011

 

 

CIBC Faces Class Action Suit Regarding Mortgage Prepayment Penalty

According to the Siskends LLP website, a class action was commenced in October 2011 against CIBC Mortgages Inc. regarding its practices for calculating prepayment penalties on mortgages entered into across Canada since 2005.

The Statement of Claim alleges that CIBC applied terms and conditions to certain mortgage contracts to allow it unfettered discretion for calculation of mortgage prepayment penalties. It if further alleged that the quantification of prepayment penalties applied by CIBC are in breach of the mortgage contracts.

The action applies to CIBC mortgages as well mortgages through related entities such as Firstline Mortgages and President’s Choice Financial.

Read the press release

 

Read the Issues Statement of Claim – Ontario

For further information concerning this action, please contact Ruth Noble at 1-800-461-6166 ext. 2381.

Scotiabank Commodity Price Index Down in September for Second Consecutive

Scotiabank Commodity Price Index Declines for Second Consecutive Month in September

  • WTI no longer a true benchmark for Alberta light synthetic crude oil.
  • Copper prices rebound from an over-sold position in early October.  Inventories are modest in China. 

TORONTO, Oct. 28, 2011 /CNW/ – Scotiabank’s Commodity Price Index, which measures price trends in 32 of Canada’s major exports, fell by 1.1 per cent month over month (m/m) in September, the second consecutive monthly decline. The All Items Index has retreated by 6.2 per cent from the near-term high last April, just prior to the advent of financial market concern over sovereign-debt challenges in the Eurozone.

“The commodity price correction has been mild compared with the 40 per cent plunge in the second half of 2008,” said Patricia Mohr, Vice-President, Economics and Commodity Market Specialist at Scotiabank. “While exchange-traded commodity prices declined sharply in early October, prices for oil, copper and the grains have rallied back in recent weeks on optimism that measures would be implemented to shore up the Eurozone financial system and bolster liquidity, culminating in a broad agreement on October 27.”

Nevertheless, a number of commodities not traded on exchanges (e.g. coking coal and iron ore) will likely be adjusted down in October, when quarterly contract prices are re-negotiated – dampened by uncertainty over global economic conditions and somewhat slower growth in China. The contract price for Western Canada’s premium-grade hard coking coal will decline from US$315 per tonne (FOB Vancouver) to a still lucrative US$285 in October. While prices may recede further in early 2012, the medium-term outlook for premium-grade hard coking coal remains favourable. Only 35 per cent of China’s domestic coal reserves are premium grade, while China requires 50 per cent for use in its larger blast furnaces.

The Oil and Gas Index inched ahead in September (+0.7 per cent m/m). The gain reflected a surprising increase for both light crude oil in Edmonton and Hardisty Heavy crude in Alberta – the two prices used in the Scotiabank Commodity Price Index — despite a slight decline in WTI oil.

“The price of WTI oil at Cushing, Oklahoma, the pricing point for the NYMEX contract, is no longer as relevant a marker as it once was for light synthetic crude oil from the Alberta oil sands,” noted Ms. Mohr.

WTI oil prices edged down from US$86.34 per barrel in August to US$85.58 in September. Oil prices are particularly sensitive to sentiment on the global economic outlook, falling as low as US$75.67 on October 4, before rebounding strongly to US$93 on October 27 on news of the Eurozone plan and a pick-up in U.S. third-quarter GDP growth (+ 2.5 per cent from a mere 1.3 per cent in the second quarter). However, WTI oil prices continue to trade at a wide US$20 discount to Brent — a better benchmark of world oil prices. WTI prices at Cushing, Oklahoma have been dampened by rising volumes of crude oil from the Alberta oil sands and the U.S. Mid-continent to Cushing in the face of onward pipeline constraints to refining centres in the U.S. Gulf Coast.

In contrast, the price of light synthetic crude oil (SCO) from Alberta (upgraded bitumen) has averaged US$103 per barrel in 2011 YTD – a US$9 premium over WTI oil. While this partly reflects upgrader outages in the Alberta oil sands, it also reflects a trend towards pricing SCO off its cracking parity with competing, higher-priced crude oil (such as Light Louisiana Sweet) in U.S. Midwest refining centres.

In September, the Metal and Mineral sub-component lost significant ground (-2.5 per cent m/m). Widespread declines in base metals and lower silver prices more than offset flat potash prices and gains in gold, sulphur, uranium and cobalt (a steel alloying agent).  LME prices for copper – the bellwether for base metals – dropped from US$4.10 per pound in August to US$3.77 in September and a low of US$3.08 in early October, before surging back to US$3.65 on the 27th.  Prices remain exceptionally profitable, yielding a 60 per cent profit margin over average world break-even costs including depreciation.

“Copper prices were over-sold in early October, given prospects for a supply deficit in the fourth quarter, that is, global demand will exceed refined metal supplies,” concluded Ms. Mohr. “China stepped up its purchases in early October recognizing bargain prices, pulling down LME stocks in South Korea. At the height of concern over Eurozone prospects, traders appear to have focused their profit-taking on copper, as well as nickel, given its comparatively large margin over costs and where the bulk of long positions probably resided.”

Scotia Economics provides clients with in-depth research into the factors shaping the outlook for Canada and the global economy, including macroeconomic developments, currency and capital market trends, commodity and industry performance, as well as monetary, fiscal and public policy issues.

For further information:

Patricia Mohr, Scotia Economics, (416) 866-4210,
Patty Stathokostas, Scotiabank Media Communications, (416) 866-3625

National Bank Financial Group Added to The Banker Who Saved His Soul

The Canadian Who Saved His Soul website has added the National Bank Financial Group (NB) on its list of Canadian Financial Institutions being observed for corporate responsibility and community involvement. As a long-established Canadian bank, NB Bank is strong within Quebec and among the Francophone community, which gives it a distinct and unique culture among the Canadian banks. The NB website has the tagline “A driver of social and economic growth”. The above distinction and mission have the potential to provide National Bank with the basis for corporate innovation, social responsibility and community involvement.

National Bank Financial Group is presented on its website by bank President and Chief Executive Officer, Louis Vachon as:

Founded in Quebec City in 1859, the Bank has grown while striving to always earn the trust of its various stakeholders and contribute to the development of the communities it serves. 

Through a series of mergers and acquisitions over the course of its history, National Bank Financial Group has grown to become a powerful integrated financial group and Quebec’s leading bank. 

National Bank Financial Group is firmly committed to continuing deployment of itsOne client, one bankvision, which is aimed at giving clients access to the same exceptional service, whatever their point of entry to the Financial Group, and ensuring that our efforts are even more focused on client satisfaction.

Canadian Western Bank Group Added To The Banker Who Saved His Soul

The Canadian Who Saved His Soul website has added The Canadian Western Bank Group (CW Bank) on its list of Canadian Financial Institutions being observed for corporate responsibility and community involvement. Though a relatively small player in Canadian banking, CW Bank is growing and is in a good position to leverage its smaller organizational and perhaps more flexible corporate culture and organization to become a leader in corporate innovation, social responsibility and community involvement.

CW Bank’s website has the tagline “We Work Hard. We Get Things Done.”  Perhaps an indication of its western roots. They describe themselves as:

Canadian Western Bank (TSX: CWB) is the largest publicly traded Canadian bank headquartered in Western Canada. CWB and its subsidiaries, which are together known as Canadian Western Bank Group (CWB Group), offer a diversified range of financial services through 40 banking branches, eight trust locations, two centralized insurance offices, a focused commercial equipment leasing centre and one wealth management location. We have combined balance sheet assets of approximately $14 billion, assets under administration approaching $10 billion and assets under management near $1 billion. We employ more than 1,800 people working in over 50 different communities across Canada. CWB Group’s collective offering of banking, trust, insurance and wealth management provides our customers with a full complement of financial services, all with one common thread – great personal service.

High Net Worth Canadians Concerned with Death, Taxes and Retirement According to RBC Wealth Management Survey

TORONTO, October 17, 2011 — The transfer of wealth at death, minimization of taxes, and financial needs during retirement were identified as the top three concerns of high net worth clients in a survey by RBC Wealth Management.

The survey was conducted by RBC Wealth Management as part of one-on-one planning sessions with clients. In the past year, approximately 2,500 sessions were conducted across Canada and these concerns were identified as the most pressing for high net worth clients.

“Our clients are very concerned about estate planning. What happens to their wealth during retirement and after they are gone are their main priorities,” said Howard Kabot, vice-president, Financial Planning, RBC Wealth Management Services. “Clients tell us that they want to make sure their families are appropriately taken care of and that their financial plan is as efficient, effective and prudent as possible.”

Other issues identified in the survey as important to RBC Wealth Management clients include planning for disability, tax minimization and philanthropy. As a comparison, Canadians as a whole are interested in reducing what they owe (32 per cent), followed by spending less (28 per cent) and saving or investing more (24 per cent). (RBC Canadian Consumer Outlook, July 2011).

RBC Wealth Management is the only wealth management provider in Canada to offer an in-house highly-specialized team of professionals that works with advisors and private bankers to offer all-encompassing financial advice. The in-house unit, RBC Wealth Management Services, provides clients with exclusive access to over 150 financial planners, tax specialists, accountants, high net worth specialists, lawyers, will and estate planners, insurance specialists and other professionals to maximize the effectiveness of their financial plan.

“RBC Wealth Management is 100 per cent unique in its offerings,” said Anthony Maiorino, vice-president and head, RBC Wealth Management Services. “No other wealth management firm can provide such a complete, end-to-end level of highly specialized service to clients.”

About RBC Wealth Management
RBC Wealth Management is one of the world’s top 10 largest wealth managers. RBC Wealth Management directly serves affluent, high-net-worth and ultra high net worth clients in Canada, the United States, Latin America, Europe, the Middle East, Africa and Asia with a full suite of banking, investment, trust and other wealth management solutions. The business also provides asset management products and services directly and through RBC and third-party distributors to institutional and individual clients, through its RBC Global Asset Management business (which includes BlueBay Asset Management). RBC Wealth Management has more than C$525 billion of assets under administration, more than C$310 billion of assets under management and approximately 4,500 financial consultants, advisors, private bankers and trust officers.

For more information, please contact:
Bev MacLean, RBC Wealth Management Communications,
(416) 974-9334

Scotiabank Toronto Waterfront Marathon Highlights

The Scotiabank has proudly announced highlights of the Scotiabank Toronto Waterfront Marathon in their press release dated October 16,2011. But, before you read it, here is an exclusive MetroActive bird’s eye video of the race as it passes by the Pinnacle buildings along the waterfront.

Now for the press release.

Canadians Coolsaet and Gillis qualify for London Olympics at 2011 Scotiabank Toronto Waterfront Marathon

Toronto’s premier running event raised more than $3.5 million for 164 local charities

TORONTO, Oct. 16, 2011 /CNW/ – Today was a spectacular day for Canadian pride at the 2011 Scotiabank Toronto Waterfront Marathon (STWM), with Canadian runners Reid Coolsaet and Eric Gillis qualifying for the London Olympics. More than 22,000 runners took to the streets in windy conditions, raising more than $3.5 million for 164 local charities.

Coolsaet and Gillis, his training partner at Speed River Track Club in Guelph, ON, finished third (2:10:55) and fourth (2:11:28) respectively at STWM, meeting the Canadian Olympic standard and ensuring their spots on the 2012 Olympic Team. Coolsaet’s time was the fastest time ever run by a Canadian on Canadian soil and the second fastest time ever for a Canadian over the classic 42k distance. Gillis, who met the qualifying standard by merely one second, previously represented Canada at the 2008 Beijing Olympics in the 10,000m.

Kenya’s Kenneth Mungara won the overall men’s title with a time of 2:09:51. Ethiopia’s Shami Dawit narrowly lost a thrilling sprint to the finish line, also being timed in 2:09:51 for second. The women’s race was equally exciting. Despite battling a tough headwind over the last seven kilometres, Ethiopia’s diminutive Koren Yal, equaled the course record of 2:22:43 defeating fellow Ethiopian Mare Dibaba by 42 seconds to claim the top prize. Yal’s performance was the ninth fastest women’s marathon run in the world so far this year.

“This was a remarkable breakthrough day for Canadian marathoning,” said Alan Brookes, Race Director. “Over the past few years our IAAF Silver Label race has established itself as one of the best in the world and today’s times confirm that. Most exciting today is that our Canadians ran with the best in the world and punched their tickets to London. We’re thrilled and so proud of not only our elite athletes, but also the 22,000 other runners that collectively raised a record-breaking amount for charity.”

“I am extremely proud to report that the 2011 Scotiabank Toronto Waterfront Marathon has raised over $3.5 million for some incredible Canadian charities,” said John Doig, Senior Vice-President, Toronto Region, Scotiabank. “STWM is an amazing event where people from all over the world can run, cheer on loved ones, or raise money for charity. It’s a great combination of athleticism, philanthropy and community spirit.”

Marathon Highlights

Men’s Race – Kenya’s Kenneth Mungara was crowned Scotiabank Toronto Waterfront Marathon champion for the fourth consecutive year, with a finishing time of 2:09:51. Mungara previously broke the record for fastest time on Canadian soil at STWM in 2010 (2:07:57).

Women’s Race – Koren Yal, from Ethiopia, placed first in the women’s race (2:22:43) just ahead of fellow Ethiopian Mare Dibaba who came in second (2:23:25). Russia’s Silvia Skvortsova came third in 2:27:51.

Canadian Standings – Reid Coolsaet of the Speed River Track Club in Guelph, ON, led the Canadians with an overall third-place finish with an international-class time of 2:10:55, qualifying him for the 2012 Olympic Games. Also qualifying for the London Olympics is Reid’s clubmate Eric Gillis who finished fourth at 2:11:28. Particularly noteworthy is that six Canadians finished in the top ten in this world-class event.

Half-Marathon – Thomas Breitbach won the men’s half-marathon, with a time of 1:07:21, and Leslie Sexton took the women’s title with 1:16:32.

Milton, ON phenom, Ed Whitlock, 80, continued to re-write the record books, running 3:15:54 for a new M80+ age-group world record. The longstanding previous mark was 3:39 which Whitlock took down to 3:25 in Rotterdam in April before slicing down nine more minutes today at STWM.

Capping off an incredible event, 100 year-old Fauja Singh (India) is set to break the world record for the oldest person to complete a marathon with a finish time of 8:25:16.
The full list of results for the 22nd Scotiabank Toronto Waterfront Marathon is available at www.stwm.ca.

The Scotiabank Group Charity Challenge and Neighbourhood Challenge together surpassed the $3 million target with a total of more than $3.5 million as of press time. This remarkable achievement exceeds last year’s total of $2.54 million. In addition, Scotiabank will award $6,000 to the three charities with the most runners, the largest amount of pledges per runner and the most money raised in pledges.

Along the marathon course, 12 Neighbourhood Cheering and Entertainment stations encouraged the runners to the finish line as part of the Scotiabank Neighbourhood Challenge. To honour their exuberance and support, Scotiabank will award them a charity bonus of $6,000 for having the most people, best costumes, best entertainment, and above all, creating the most noise. This year’s challenge was the best-ever with tons of spectators and incredible costumes, with the final report on the winners being issued later this week.

About the Scotiabank Toronto Waterfront Marathon (STWM)

For the fourth consecutive year, the STWM has been awarded a prestigious Silver Label by the International Association of Athletics Federations (IAAF). This designation makes the STWM one of only five internationally recognized IAAF Label marathons in North America. In 2010, the STWM was ranked as 6th fastest marathon in the world, 3rd fastest women’s race in the world and holds the record for both the fastest men’s and women’s marathons on Canadian soil (2:07:58 run last year by Kenneth Mungara and 2:22:43 by Sharon Cherop equaled today by Koren Yal). The Scotiabank Toronto Waterfront Marathon attracts participants from over 50 countries and this year’s goal is to raise more than $3 million for 164 charities reached $3.5 million as of press time.

The Scotiabank Toronto Waterfront Marathon includes a 5km, half-marathon (21.1km), and full marathon (42.2km) run. For more information, please visit www.stwm.ca.

About Scotiabank

Scotiabank is committed to supporting the communities in which we live and work, both in Canada and abroad, through our global philanthropic program, ‘Bright Future.’ Recognized as a leader internationally and among Canadian corporations for our charitable donations and philanthropic activities, Scotiabank has provided on average approximately $44 million annually to community causes around the world over the last five years. Visit us at www.scotiabank.com.

Image with caption: “Eric Gillis (left) and Reid Coolsaet celebrate at the 2011 Scotiabank Toronto Waterfront Marathon (October 16, 2011) after qualifying for the 2012 London Olympics.

Image with caption: “Kenneth Mungara of Kenya wins his 4th consecutive Scotiabank Toronto Waterfront Marathon (October 16, 2011) with a time of 2:09:51.

Image with caption: “More than 22,000 runners take to the streets of Toronto for the 2011 Scotiabank Toronto Waterfront Marathon (October 16, 2011), raising more than $3.5 million for charity.

Image with caption: “British Sikh 100 year-old Fauja Singh completes the 42.2km 2011 Scotiabank Toronto Waterfront Marathon (October 16, 2011) with a time of 8:25:16.

For further information:

Julia Wall-Clarke, Narrative Advocacy Media
Tricia Soltys, Narrative Advocacy Media

Patty Stathokostas, Scotiabank Media Communications