Trump wrong, U.S. banks can and do operate in Canada, association and professor say
- U.S. President Donald Trump claimed that American banks cannot operate in Canada, but this is incorrect according to Laurence Booth from the Rotman School of Management.
- The Canadian Bankers Association stated that U.S. Subsidiaries and branches hold half of all foreign bank assets in Canada.
- There are currently 16 U.S.-based bank subsidiaries and branches operating in Canada with around C$113 billion in assets.
- Canada's federal Bank Act allows American banks to operate as separate subsidiaries under Schedule II, contradicting Trump's claims.
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Coverage Details
Total News Sources0
Leaning Left6Leaning Right3Center6Last UpdatedBias Distribution40% Left, 40% Center
Bias Distribution
- 40% of the sources lean Left, 40% of the sources are Center
40% Center
L 40%
C 40%
R 20%
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