Royal Bank, CIBC, TD, Laurentian and more raise their prime rate

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On Wednesday afternoon, Royal Bank of Canada, CIBC, TD Canada Trust, Laurentian Bank of Canada, Bank of Nova Scotia, Bank of Montreal, Equitable Bank and HSBC Bank Canada all announced that they increased the prime rate by 50 basis points to 5.95 per cent from 5.45 per cent, effective October 27.