Canada Bank Act

Encyclopedia : C : CA : CAN : Canada Bank Act

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 Schdedule III banks are foreign banks with certain restrictions that can do banking business in Canada.

The Canadian banking industry includes 19 domestic banks, 23 foreign bank subsidiaries and 21 foreign bank branches operating in Canada.

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