The Bank Act recognizes and governs two distinct types of chartered banks. Schedule I banks must be widely held - no one party may own more than 10% of a bank’s shares.

Schedule II banks include all foreign and Canadian-owned banks whose shares are closely held - one party may hold more than 10% of the outstanding shares.

As of March 1998, there were eight Schedule I banks, three domestic Schedule II banks and 43 Schedule II foreign bank subsidiaries operating in Canada.

In addition, the Office of the Superintendent of Financial Institutions (OSFI) carefully monitors banks’ ongoing operations for financial soundness and compliance with the Bank Act.

Banks are also subject to securities and other financial-instrument regulation across the country and abroad, through such institutions as the Canada Deposit Insurance Corporation (CDIC) and provincial securities commissions.

Bank of Canada

Royal Bank

Bank of Montreal

Scotiabank

Royal Bank Branches

Bank of Montreal Branches

Scotiabank Branches