In the clearest signal for a while, the Governor of the Bank of Canada signalled that mergers would be a good thing for Canada.   

Improving efficiency is everybody’s business. Once policy-makers do their job, it is up to the private sector to respond and take advantage of the opportunities to improve efficiency,” Dodge said.

Source: Dodge hints at bank merger support, urges more efficiency in financial system

My take ….  mergers are good because they shake things up, but …

• Mergers would be particularly good if a non Canadian Bank came in and bought out a Canadian Bank.  Not for the reasons you may think.  There are five ‘big banks’ in Canada, and if they take each other over, we will get more of the same. It will be a cost reduction and scale play.  There will be no change at the customer level;  just a new name for some.
• On the other hand, if a BofA or a Barclays came in, we would see a new style, and different value propositions, and it would electrify Canadian Banking.  This would be fun!

Both methods would achieve scale and value … the second would add creativity.