Schedule III Banks are foreign banks which operate their branches in Canada. Thus, these are foreign banks permitted to carry on business in Canada. Examples include Bank of America, Capital One, Credit Suisse and Deutsche Bank AG. Unlike the Schedule I and Schedule II banks, the Schedule III banks are NOT incorporated under the Bank Act and they operate in Canada, usually within the country’s largest cities (being Toronto, Montreal, Calgary and Vancouver), under certain restrictions mentioned in the Bank Act.
Full Service Branches of Foreign Banks
As of September 2013, there were 24 such banks in Canada.
| Bank | Parent Country |
| Bank of America, National Association | USA |
| Bank of New York Mellon (The) | USA |
| Barclays Bank PLC (Canada Branch) | UK |
| Capital One Bank (Canada Branch) | USA |
| Citibank, N.A. | USA |
| Comerica Bank | USA |
| Deutsche Bank AG | Germany |
| Dexia Crédit Local S.A. | France Belgium |
| Fifth Third Bank | USA |
| First Commercial Bank | Taiwan |
| HSBC Bank USA, National Association | USA |
| JPMorgan Chase Bank, National Association | USA |
| M&T Bank | USA |
| Maple Bank | Germany |
| Mizuho Corporate Bank, Ltd., Canada Branch | Japan |
| Northern Trust Company, Canada Branch (The) | USA |
| Rabobank Nederland | Netherlands |
| Royal Bank of Scotland N.V. | UK |
| Société Générale (Canada Branch) | France |
| State Street | USA |
| U.S. Bank National Association | USA |
| UBS AG Canada Branch | Switzerland |
| United Overseas Bank Limited | Singapore |
| Wells Fargo Bank, National Association, Canadian Branch | USA |
Lending Only Branches of Foreign Banks
There were 4 such banks in Canada in September, 2013.
| Bank | Parent Country |
| Credit Suisse, Toronto Branch | Switzerland |
| Merrill Lynch International Bank Limited | USA |
| PNC Bank Canada | USA |
| Union Bank of California, N.A. | USA |