Schedule III Banks

Definition

  • 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.

Synonyms
foreign-owned bank

Related Terms and Acronyms

  • Bank Definition,
    • 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) Company Est. 1935, Ottawa, Ontario, Canada, Important,
    • Canada's central bank.
    Canada's central bank.
  • 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.
  • Chartered Banks Definition,
    • Financial institutions regulated under the Bank Act. Chartered banks are designated as Schedule I or Schedule II depending on their ownership.
  • Closely Held Definition,
    • 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) Acronym,
    • A financial institution that provides a broad range of services, from chequing and savings accounts to business loans and credit cards.
  • Regional Bank Definition,
    • 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 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.
  • 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.
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