Chief executive officer Jeffrey Orr told the company's annual meeting he agrees with the federal government intention to maintain the current regulations to prevent this. Canadian banks have come to dominate the industry sectors to which they are granted new access, he told shareholders after the company posted strong first-quarter results.

Power Financial, which controls Great-West Lifeco Inc., IGM Financial Inc. and other holdings, said profit rose to $408-million or 55 cents a share for the quarter ended March 31 from $379-million or 52 cents in the year-earlier period; but revenue fell almost 10 per cent to $6.3-billion from $6.99-billion.

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