GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Schedule III Banks


Synonyms:foreign-owned bank
Filed Under: financial-banking
Tags: banking
 

Definition of schedule iii banks

schedule iii banks
1. Foreign banks that have been given permission to conduct business in Canada. Schedule III banks are not incorporated with the bank act, and operate under restrictions not required by schedule I or II banks. Examples of schedule III banks include Bank of America and Capital One.

Related Terms and Acronyms:

  • bank   An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
  • Bank of Canada (BC, BOC)   Canada's central bank.
      ➥  Canada's central bank.
  • Canadian Bankers Association (CBA)   Professional industry association that provides information, research, advocacy, education and operational support services primarily to the banking industry.
      ➥  One of Canada's oldest business associations.
  • chartered banks   Financial institutions regulated under the Bank Act. Chartered banks are designated as Schedule I or Schedule II depending on their ownership.
  • closely held   Schedule II banks may be closely held, i.e., one party (owner) may hold more than 10% of the outstanding shares. Schedule I banks are prohibited from this type of ownership.
  • commercial bank (CB)   A financial institution that provides a broad range of services, from chequing and savings accounts to business loans and credit cards.
  • regional bank   A bank with a primary market in a regional or metropolitan area but takes deposits from throughout the province in which it is located. Usually called a Credit Union in Canada.
  • schedule i banks   A designation in the Bank Act that refers to Canadian-owned banks that are widely held, i.e., ones in which no one owner holds more than 10% of shares.
  • schedule ii banks   A designation in the Bank Act that refers to foreign-owned banks and closely held Canadian banks, i.e., banks in which an owner may hold more than 10% of outstanding stock.

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