TD Bank has sealed an exclusive advertising deal with the most popular immigration website you’ve (probably) never heard of.
What happened: The Big Five bank announced a partnership with CanadaVisa.com to help aspiring Canada visa-holders “understand and navigate their banking needs” as they resettle in their new homes. The bank now has a direct line to the site’s 2.4 million monthly users.
- CanadaVisa was started by an immigration law firm in the 1990s and has somehow become a more accessible source of information than official government sites.
Why it matters: As the federal government aims to welcome almost 1.45 million newcomers to the country by 2025, the big banks are angling for a new business opportunity: “How do we best organize to capture and service that burgeoning need?” said a TD VP.
- Immigrants account for about 75% of Canada’s population growth and most of the country’s labour growth—plus, those paychecks need to be deposited somewhere.
TD isn’t the only bank capitalizing on the surge of newcomers. RBC’s proposed $13.5 billion deal to buy the Canadian arm of HSBC would tap into the latter’s very global reputation, which aims to make RBC “the bank of choice for newcomers,” as CEO Dave McKay put it.