UPDATE 1-Small Canadian banks chase deposits to secure funding for troubled times

Canada’s small financial
institutions are waging a war for deposits, offering customers
higher interest rates to shore up funding and meet demand for
deferrals and loans, despite a drop in official interest rates
to a decade-low.
While Canada’s biggest banks have multiple funding sources
including wholesale markets, smaller players are more dependant
on sticky customer deposits and earnings, particularly as credit
spreads widen due to the economic fallout of the cor