Foreign banks that have subsidiaries operating in Canada are classified as a

Question

Quizplus · Accepted Answer

Schedule II banks refer to foreign bank subsidiaries operating in Canada with specific limitations on their activities. These subsidiaries have a minimum paid-up capital requirements of $5 million and must adhere to regulations set by the federal government and the Office of the Superintendent of Financial Institutions (OSFI). Schedule I banks are domestic banks while Schedule III banks refer to branches of foreign banks without limitations on their activities. Therefore, the correct classification for foreign banks with subsidiaries in Canada would be Schedule II banks.

Foreign Banks That Have Subsidiaries Operating in Canada Are Classified