Canadian banking organizations seize the U.S. market. The Maple Leaf Country's bankers increase their presence in the United States at a fast pace, while their local and European colleagues have to sell their assets. First of all, such a sell-off is caused by significant changes in current legal norms: the country's government tightens the requirements for entities that wish to do business in the U.S. Such developments in the sector contribute to the expansion of Canada's banks. The largest banks Bank of Montreal, Royal Bank of Canada, Toronto-Dominion Bank are massively buying businesses, offices and small banking networks, as well as taking on middle managers, who have lost their jobs as a result of a common job cut in the American banking sector. "There was a vacuum on the U.S. Market, European banks are selling their units abroad, American banks are not able to expand, but the economy forges ahead and the financial system grows," - Richard Bove, Canadian banking analyst at Rafferty Capital, commented on the situation. Significant internal reserves are a massive tool helping the sector's leaders to invade new territory. These funds allow them to dominate on the domestic market and guarantee them the compliance with the new rules and regulations on capital. In Canada, the banking activity is strongly restricted by the central bank, which curbs the growth to prevent the overheating of the housing market, so that makes banks actively explore the neighboring countries. "Shareholders like growth. Therefore, Canadian banks are looking for a place to grow away from the domestic market", - said Analyst at Moody's David Beatty. Experts are confident that such an approach may end in great success. Canadian banks emerged from the global financial crisis without significant losses, they have the resources for expansion, while Barclays Plc, Credit Suisse, and UBS AG cut their presence in the United States.
