A group that represents bankers in Canada says claims by President Donald Trump that U.S. banks can’t operate north of the border is false.
Trump posted on his Truth Social account on Monday that, “Canada doesn’t even allow U.S. Banks to open or do business there. What’s that all about?”
The Canadian Bankers Association is firing back. It told the International Business Times that Canada’s banking system is similar to most developed countries. It has a core of large, national banks and a selection of foreign banks offering specialized services.
“Canada has a strong and competitive banking sector comprised of both domestic and foreign banks,” a spokesperson told the International Business Times via email. “There are 16 U.S.-based bank subsidiaries and branches with around C$113 billion in assets currently operating in Canada.”
U.S. banks now make up half of all foreign bank assets in Canada, according to the Canadian Bankers Association.
The association listed all of its member banks that are operating in Canada.
Among them are subsidiaries of some of the largest banks in the United States including Citibank, J.P. Morgan and Bank of America.
Canada has three levels of banks. Schedule I banks are domestic and are allowed to accept deposits.
Schedule II banks are subsidiaries of foreign banks that can accept deposits.
Schedule III banks are not subsidiaries and are more limited in what services they provide.
The banking association noted that there are also hundreds of credit unions and other financial institutions operating in the country.
