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Canadian Banks Abroad: Expansion and Exposure to the 2008-2009 Financial Crisis

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Canadian Banks Abroad: Expansion and Exposure to the 2008-2009 Financial Crisis

Published: May 4, 2010

Banking is one of the most internationalised sectors of the Canadian economy, whereby the five largest institutions have important assets abroad, and operate extensive retail banking networks in the US, Latin America, the Caribbean and East Asia. Using a literature review, this paper assesses first the factors that have driven this foreign expansion of Canada’s main financial institutions for the 1980-2010 period. The resulting patterns are used later to infer why this expansion abroad has not resulted in a high degree of negative exposure in this recent global crisis.

Author: Hugues Létourneau and Pablo Heidrich

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