Great-West's ultimate owners, the Desmarais family, are also thought to be interested in moving beyond insurance and into banking.

ECONOMIST: Canadian insurance

And politically, as it happens, Mr Desmarais could scarcely be better connected.

ECONOMIST: Canadian insurance

The patriarch, Paul Desmarais, already controls Investors Group, the country's largest mutual-fund company, through his main vehicle, Power Financial Corporation, and through a series of holding companies.

ECONOMIST: Canadian insurance