shockedcanadian
Diamond Member
- Aug 6, 2012
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CBC also provided an article saying Trump was wrong, however, they admit it is very difficult to open one here and we basically have protected the industry from competition. "The big six" as they are known, provide the only real competition in the entire country. I used to work at a bank, I know this, we basically just colluded rates as there weren't options:
Canada's Big Six fall under the Schedule 1 category — meaning they must be Canadian-owned institutions that take deposits. Any American bank that wanted to buy a major Canadian bank would face these and other restrictions.
Even smaller Schedule 1 banks face ownership limits, said Kryzanowski, because 35 per cent of the bank has to be publicly owned. "Typically, if an American bank is going to move into Canada, they want to have complete control."
There are arguments to be made for and against the Canadian banking's strict regulatory environment, he added.
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As I stated a couple of days ago, there is a reason we have approximately 6 massive banks here, all Canadian owned. It's a basic oligopoly. There are only a handful of U.S banks and I don;t know even one person who uses them, meanwhile I've had accounts and cards at all the major Canadian banks.
Schedule I banks apparently get some benefits and they have a major competitive advantage:
Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks.
Under the Canada Bank Act, Schedule I are banks that are not a subsidiary of a foreign bank, i.e., domestic banks, even if they have foreign shareholders. There are 29 domestic banks as of February 2014. Because the Schedule I banks are not subsidiaries of any foreign bank, they are the true domestic banks and are the only banks allowed to receive, hold and enforce a special security interest described and provided for under the Bank Act and known to Canadian lawyers and bankers as the “Bank Act security”.
See the list below, notice how they have to be subsidiaries and have the "Canada" in the title? If you were Elon Musk and you wanted to open up your own banking branch in Canada you could not do it. Even if he liquidated all of his net worth and offered loans to Canadians at sub-prime rates, Canada would tell him "take off eh". In fact, offering such low rates would make him the enemy to the oligarch, we are all squeezed relentlessly.
I think of all the banks listed here, they must be quite minor in presence as I think I have only seen Citibank branches of all the U.S branches listed and only a few.
Schedule II Banks in Canada are the banks in Canada which are subsidiaries of foreign banks. Schedule II Banks are allowed to accept deposits. Like the Schedule I banks, the Schedule II banks are incorporated under the Bank Act. Some examples of Schedule 2 banks are AMEX Bank of Canada, Citibank Canada, HSBC Bank Canada etc. As of September 2013, there were 24 of these banks in Canada, however 3 were in liquidation.
Regulations, loyal clients dissuade U.S. banks
Canada's Big Six fall under the Schedule 1 category — meaning they must be Canadian-owned institutions that take deposits. Any American bank that wanted to buy a major Canadian bank would face these and other restrictions.
Even smaller Schedule 1 banks face ownership limits, said Kryzanowski, because 35 per cent of the bank has to be publicly owned. "Typically, if an American bank is going to move into Canada, they want to have complete control."
There are arguments to be made for and against the Canadian banking's strict regulatory environment, he added.
...................................
As I stated a couple of days ago, there is a reason we have approximately 6 massive banks here, all Canadian owned. It's a basic oligopoly. There are only a handful of U.S banks and I don;t know even one person who uses them, meanwhile I've had accounts and cards at all the major Canadian banks.
Schedule I banks apparently get some benefits and they have a major competitive advantage:
Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks.
Under the Canada Bank Act, Schedule I are banks that are not a subsidiary of a foreign bank, i.e., domestic banks, even if they have foreign shareholders. There are 29 domestic banks as of February 2014. Because the Schedule I banks are not subsidiaries of any foreign bank, they are the true domestic banks and are the only banks allowed to receive, hold and enforce a special security interest described and provided for under the Bank Act and known to Canadian lawyers and bankers as the “Bank Act security”.
Schedule 1 Banks in Canada | Banks Canada
Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks. Under the Canada Bank Act, Schedule I are banks that are not a subsidiary of a foreign bank, i.e., domestic banks, even if they have foreign shareholders. There are...
banks-canada.com
See the list below, notice how they have to be subsidiaries and have the "Canada" in the title? If you were Elon Musk and you wanted to open up your own banking branch in Canada you could not do it. Even if he liquidated all of his net worth and offered loans to Canadians at sub-prime rates, Canada would tell him "take off eh". In fact, offering such low rates would make him the enemy to the oligarch, we are all squeezed relentlessly.
I think of all the banks listed here, they must be quite minor in presence as I think I have only seen Citibank branches of all the U.S branches listed and only a few.
Schedule II Banks in Canada are the banks in Canada which are subsidiaries of foreign banks. Schedule II Banks are allowed to accept deposits. Like the Schedule I banks, the Schedule II banks are incorporated under the Bank Act. Some examples of Schedule 2 banks are AMEX Bank of Canada, Citibank Canada, HSBC Bank Canada etc. As of September 2013, there were 24 of these banks in Canada, however 3 were in liquidation.
| Bank | Parent Country |
| AMEX Bank of Canada | USA |
| Bank of America Canada (in voluntary liquidation) | USA |
| Bank of China (Canada) | China |
| Bank of Tokyo-Mitsubishi UFJ (Canada) | Japan |
| Bank One Canada (in voluntary liquidation) | USA |
| BNP Paribas (Canada) | France |
| BofA Canada Bank | USA |
| Citco Bank Canada | USA |
| Citibank Canada | USA |
| CTC Bank of Canada | Taiwan |
| Habib Canadian Bank | Switzerland |
| HSBC Bank Canada | UK |
| ICICI Bank Canada | India |
| Industrial and Commercial Bank of China (Canada) | China |
| J.P. Morgan Bank Canada | USA |
| J.P. Morgan Canada (in liquidation) | USA |
| Korea Exchange Bank of Canada | South Korea |
| Mega International Commercial Bank (Canada) | Taiwan |
| Shinhan Bank Canada | South Korea |
| Société Générale (Canada) | France |
| State Bank of India (Canada) | India |
| Sumitomo Mitsui Banking Corporation of Canada | Japan |
| UBS Bank (Canada) | Switzerland |
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