(Recasts, adds comment from BMO chief executive)
TORONTO, April 4 Bank of Nova Scotia
and Bank of Montreal, two of Canada's biggest banks, on
Tuesday defended their sales practices following reports that
staffers were pressured to meet targets.
Canada's financial watchdog is investigating sales practices
at the country's banks and expects to conclude its investigation
by the end of the year.
The probe follows reports by CBC News, Canada's public
broadcaster, which said staff at the country's biggest banks had
admitted moving customers to higher-fee accounts and raising
credit card and overdraft limits without their knowledge.
Bank of Nova Scotia's chief executive, Brian Porter,
defended the bank's record on sales practices at the bank's
annual meeting on Tuesday.
"We have over 8 million customers in Canada, we did over 400
million transactions last year and we had only eight customer
complaints about sales practices," he said.
Speaking at Bank of Montreal's annual meeting on
Tuesday, Chief Executive Bill Downe said: "With respect to our
bankers, I have confidence that they know we're not in business
to push products".
(Reporting by Matt Scuffham; Editing by Chizu Nomiyama and