* Banks concerned about Toronto as financial center
* TD, CIBC, Scotia, National plan to sign public letter
* Other Canadian financial firms asked to sign
The banks fear Toronto would risk losing its influence as a financial center if the LSE joins forces with the TMX, owner of the Toronto Stock Exchange, the Globe and Mail newspaper said.
Last month, the London Stock Exchange said it planned to take over TMX, operator of the Toronto Stock Exchange, in a C$3.1 billion ($3.2 billion) deal.
The four banks - Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO), Canadian Imperial Bank of Commerce (CM.TO) and National Bank of Canada (NA.TO) - intend to spell out their concerns this week in a public letter, the paper said in a report posted on its website.
“Toronto’s hopes to be a global financial services hub could suffer a severe and potentially irreversible setback,” the paper said, citing a draft of the letter.
Any new opposition to the deal would add to sharp criticism already expressed by politicians in Ontario, the Canadian province where Toronto is located.
Reporting by S. John Tilak and Pav Jordan; Editing by Frank McGurty