Canada Bank Act
From Wikipedia, the free encyclopedia
The Bank Act (1991, c. 46) is an Act of the Government of Canada respecting banks and banking.
The Act groups banks in three schedules. Schedule I banks are banks allowed to accept deposits that are not a subsidiary of a foreign bank, Schedule II banks are banks allowed to accept deposits that are a subsidiary of a foreign bank with branches in Canada, and Schedule III banks are foreign banks with certain restrictions that can do banking business in Canada.
The Canadian banking industry includes 20 domestic banks, 24 foreign bank subsidiaries and 22 foreign bank branches operating in Canada. [1]
