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The Canadian banking industry includes 20 domestic banks, 24 foreign bank subsidiaries and 22 foreign bank branches operating in Canada. [9] ATB Financial , a financial institution owned by the Government of Alberta , and Canada's many credit unions, are not included in this list.
The Bank of Canada Act (French: Loi sur la Banque du Canada) is a statute that sets out the governance structure and powers of the Bank of Canada, which was created in 1934 as Canada's central bank. [1] Prior to 1934, Canada had no central bank and fragmented control of the banking system.
The Bank of Canada (BoC; French: Banque du Canada) is a Crown corporation and Canada's central bank. [4] Chartered in 1934 under the Bank of Canada Act, it is responsible for formulating Canada's monetary policy, [5] and for the promotion of a safe and sound financial system within Canada. [6]
Examples include AMEX Bank of Canada, Bank of China (Canada), Citibank Canada, HSBC Bank Canada, ICICI Bank Canada and Walmart Canada Bank. Like the Schedule I banks, the Schedule II banks are incorporated under the Bank Act. [20] Schedule III: Foreign banks permitted to carry on business in Canada.
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For much of the 20th century, Canada's trust companies were controlled by the major banks through interlocking directorates. However, revisions to the Bank Act in 1967 forbade individuals from sitting on a bank and trust company board simultaneously; this had been a recommendation in the 1964 Report of the Royal Commission on Banking and ...
National Parks Act, 1930; Natural Resources Acts, 1930; Unemployment and Farm Relief Act, 1931; Bank of Canada Act, 1934; Public Works Construction Act, 1934; Succession to the Throne Act, 1937
The Business Development Bank of Canada (BDC; French: Banque de développement du Canada) is a Crown corporation and national development bank wholly owned by the Government of Canada, mandated to help create and develop Canadian businesses through financing, growth and transition capital, venture capital and advisory services, with a focus on small and medium-sized enterprises.