Chartered Banks

Importance: 0.43

Is a company: no

Is a proper noun: no

Synonyms

  • regulated banks

Definition of Chartered Banks

  1. Financial institutions that are regulated under the Bank Act. Chartered banks are designated as Schedule I or Schedule II depending on their ownership.

Related Terms and Acronyms

  • Schedule III Banks Definition,
    • Foreign banks not incorporated under the bank act that are allowed to conduct business in Canada.
  • Schedule II Banks Definition,
    • 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.
  • Bank Reserves Definition,
    • Banks' holdings of deposits.
  • Prime Rate Definition,
    • The rate suggested by the Bank of Canada on which most banks base their prime mortgage lending rate.
  • Bank Definition,
    • An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
  • Schedule I Banks Definition,
    • 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.
  • Canadian Bankers Association (CBA) Company Est. 1891, Canada, Very Important,
    • 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.
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