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Canadian financiers face exposure in fight over U.K. utility’s future - The Globe and Mail

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Open this photo in gallery:Settlement tanks at Mogden Sewage Treatment Works, operated by Thames Water, in London, Britain, in June, 2025. Toby Melville/ReutersCanadian financial institutions have landed in the crosshairs of a major nationalization debate in Britain, raising concerns among creditors over the fate of the country’s largest water provider. Thames Water, which serves about 16 million customers in England, has been teetering on the edge of collapse for years. Large Canadian banks, pension funds and asset managers have grappled with managing their links to the flailing utility, and business leaders have warned that public ownership of the utility could harm investment in Britain. The Canadian companies that have had exposure, or are currently exposed, to Thames Water include the country’s largest lender, Royal Bank of Canada RY-T, pension funds Ontario Municipal Employees Retirement System (OMERS) and British Columbia Investment Management Corporation (BCI), asset manager Fiera Capital Corp. FSZ-T, and Export Development Canada (EDC). Thames Water is wrestling with £20-billion in debt and has faced mounting public outrage over sewage spills.

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