Financial Information Service.
American banks should be allowed to maintain branches in Canada but they should never be allowed to gain control of any of the chartered banks now operating in that country! This was one of the major recommendations of the Canadian Royal Commission on Banking and Finance which recently reported to the Canadian Parliament after a two year study of monetary conditions in Canada... At present, First National City Bank of. New York holds a 10% interest in Mercantile, Bank of Canada. This is a special situation since the bank is wholly foreign owned already. Citibank bought its share off a Dutch bank and reportedly has an option on the rest.