Schedule 3 Banks in Canada

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

Schedule 2 Banks in Canada

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

Schedule 1 Banks in 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 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”.

Bank Established Headquarters
B2B Bank 2012 Toronto
Bank of Montreal 1817 Montreal
Bank of Nova Scotia (Scotiabank) 1832 Toronto
Bank West (Desjardins Group) 2002 High River, Alberta
Bridgewater Bank 2006 Calgary
Canadian Imperial Bank of Commerce 1867 Toronto
Canadian Tire Bank 1968 Oakville, Ontario
Canadian Western Bank 1985 Edmonton
Citizens Bank of Canada 1997 Vancouver
CFF Bank 2013 Oakville, Ontario
Continental Bank of Canada 2013 Whitby
CS Alterna Bank 2000 Ottawa
DirectCash Bank 2007 Calgary
Equitable Bank 2013 Toronto
First Nations Bank of Canada 1996 Saskatoon
General Bank of Canada 2005 Edmonton
Hollis Canadian Bank 1998 Toronto
HomEquity Bank 2009 Toronto
ING Bank of Canada 2013 Toronto
Jameson Bank 2008 Toronto
Laurentian Bank of Canada 1846 Montreal
Manulife Bank of Canada 1993 Toronto
National Bank of Canada 1859 Montreal
Pacific & Western Bank of Canada 1980 London, Ontario
President’s Choice Bank 1996 Toronto
RedBrick Bank 2013 Oakville, Ontario
Rogers Bank 2013 Toronto
Royal Bank of Canada (RBC) 1864 Montreal
Toronto-Dominion Bank (TD Canada Trust) 1955 Toronto