The association representing bankers in Canada says U.S. subsidiaries and branches represent half of all foreign bank assets in the country, despite false claims by U.S. President Donald Trump that American banks can't do business north of the border.
"There are 16 U.S. based bank subsidiaries and branches with around C$113 billion in assets currently operating in Canada," the Canadian Bankers Association said in a statement Monday.
"These banks specialize in a range of financial services, including corporate and commercial lending, treasury services, credit card products, investment banking and mortgage financing. They serve not only customers with cross-border business activities, but also Canada’s domestic retail market.