Canada appoints CDIC CEO Peter Routledge to oversee financial sector

TORONTO, June 24 (Reuters) - Canada has named Peter Routledge the country’s top banking regulator for a seven-year term starting on June 29, the country’s finance department said on Thursday.

Routledge will become the next Superintendent of Financial Institutions when Jeremy Rudin retires on June 28. The Office of the Superintendent of Financial Institutions (OSFI) is the government agency tasked with overseeing the country’s financial sector.

Routledge takes over at a time when Canada’s banks look to balance a return to a post-pandemic normal with lingering revenue growth challenges. The sector emerged relatively unscathed from the coronavirus pandemic, thanks in part to capital requirement changes enacted by OSFI.

OSFI last week raised the banks’ capital buffer to a record high, reversing steep cuts from early in the pandemic.

Routledge has been serving as chief executive of the Canada Deposit Insurance Corporation, which insures bank deposits, since November 2018. Prior to that, he was a senior advisor at the Department of Finance. Routledge also worked as managing director of research at National Bank Financial, a unit of National Bank of Canada.

OSFI had said in December that Rudin would not seek a second term. (Reporting By Nichola Saminather Editing by Bill Berkrot)