Published 19 days ago • loading... • Updated 18 days ago

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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The Globe & Mail

Just what was Trump thinking when he said ‘Canada doesn’t even allow U.S. banks’?

Donald Trump appears to be making fresh demands for Ottawa to allow American banks greater latitude, even though they are already not encumbered

18 days ago·Canada

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CBC News

Trump falsely says U.S. banks aren't allowed to do business in Canada. What does he mean?

U.S. President Donald Trump falsely claimed on Monday that U.S. banks are not allowed to operate in Canada, suggesting that he has yet another bone to pick as a trade dispute unfolds between the two countries.

18 days ago·Canada

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CNN

+3 Reposted by 3 other sources

Fact check: Trump falsely claims Canada prohibits US banks

On Monday, President Donald Trump put a month-long pause on his planned tariffs on Canadian imports. Earlier in the day, though, he added two new items to his long list of inaccurate complaints about Canada.

18 days ago·Atlanta, United States

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CP24

+9 Reposted by 9 other sources

Trump wrong, U.S. banks can and do operate in Canada, association and professor say

The association representing bankers in Canada says U.S. subsidiaries and branches represent half of all foreign bank assets in the country, despite false claims by U.S. President Donald Trump that American banks can’t do business north of the border.

19 days ago·Toronto, Canada

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Toronto Sun

Trump mistaken, U.S. banks can and do operate in Canada, says finance professor

A finance professor at the University of Toronto says American banks do operate in Canada despite assertions by U.S. President Donald Trump that they are not allowed to do business in the country.

19 days ago·Toronto, Canada

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