The difference between a Schedule II and a Schedule III bank is that ________.
A) a Schedule II bank is a Canadian subsidiary of a foreign bank
B) a Schedule III bank is a foreign bank is not allowed to branch directly into Canada
C) a foreign bank may enter the Canadian banking industry only as a Schedule III bank
D) widely held foreign banks can own 50 percent of a Canadian bank subsidiary

Question

Quizplus · Accepted Answer

Schedule II banks are Canadian subsidiaries of foreign banks, whereas Schedule III banks are branches of foreign banks operating in Canada.

The Difference Between a Schedule II and a Schedule III