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Canada doesn’t even allow U.S. Banks to open or do business there. What’s that all about?
(lemmy-mormonsatan-u23030.vm.elestio.app)
“There are 16 U.S. based bank subsidiaries and branches with around C$113 billion in assets currently operating in Canada,” the Canadian Bankers Association said in a statement Monday.
“These banks specialize in a range of financial services, including corporate and commercial lending, treasury services, credit card products, investment banking and mortgage financing. They serve not only customers with cross-border business activities, but also Canada’s domestic retail market.”
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The Office of the Superintendent of Financial Institutions lists Amex Bank of Canada, Citibank Canada and J.P. Morgan Bank Canada on Schedule II as all having U.S. parent companies.
The bankers association, which represents more than 60 domestic and foreign banks operating in Canada, provided a list of the 16 U.S.-based banks operating under Schedule II or III which also includes Capital One, Wells Fargo and Comerica Bank