Following The Bank Act of 1991, banks operating in Canada got classified into three schedules. Schedule I banks are banks that are not subsidiaries of foreign banks and allowed to accept deposits. RBC, CIBC and Scotiabank are some of them. Schedule II banks are those that are subsidiaries of foreign banks and allowed to accept deposits. Citibank Canada, ING Bank of Canada and AMEX Bank of Canada are some. Schedule III banks are foreign banks that have branches in Canada. Examples include Deutsche Bank AG, Bank of America and Credit Suisse.
Most domestic Canada banks offer a range of investment, banking and financial services through their extensive distribution networks across the country. These domestic Canadian banks are also active in the US, Asia, Latin America, the Caribbean and other parts of the world. Many large international banks also operate in Canada through subsidiaries, branches or representative offices. Most foreign banks, except HSBC Canada, specialize in investment and corporate banking. HSBC Canada has strong retail presence, with branches across Canada.