Foreign banks that have been authorized under the Bank Act to establish branches in Canada are permitted to carry on banking business in Canada. Some are permitted to offer full banking services. Generally, these foreign banks may not in Canada accept deposits of less than $150,000.
Some foreign bank branches distinguished as lending branches are subject to restrictions under subsection 524(1) of the Bank Act, and, as such, are prohibited from accepting deposits or otherwise borrowing money except from financial institutions.
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