President Trump inaccurately stated that U.S. banks cannot operate in Canada, a claim contradicted by the existence of U.S. financial institutions with Canadian subsidiaries. Major banks like JPMorgan Chase and Citibank have established operations in Canada, although they face stiff competition from the dominant Canadian banks. According to finance expert Lawrence Kryzanowski, while U.S. banks can technically operate, the high concentration within the Canadian banking sector and established client loyalty make it challenging for them to be significant players.
American banks are not allowed to do business in Canada. Can you believe that?" he said to a room of reporters.
It's somewhat exaggerated. [U.S.] banks can operate in Canada, but if they really want to be major players, it's a little more difficult.
It's not a very exciting market for a large U.S. bank.
The Big Six already have an extensive and entrenched network of loyal clients in the domestic market, which makes it harder for foreign banks.
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