In 1998, CIBC proposed to combine with the Toronto–Dominion Bank. The banks argued that these mergers would enable them to compete globally with other financial institutions. The mergers were reviewed by the Competition Bureau of Canada, which declared that negative effects (such as higher user fees and local branch closures) from the mergers would far outweigh the benefits of allowing the mergers. Ultimately, it was then Finance Minister Paul Martin who rejected the proposed merger. Trent, Peter F. (2012). Merger Delusion. McGill-Queen's Press. p. 539. ISBN 978-0-7735-3932-7. #tdbank #cibc #banking #torontoobserver #skyline #merger