After years of lingering on the sidelines of the Canadian banking market, U.S. banks may finally get the chance to become mainstream players.

That's because of a set of proposals expected to be debated in the Canadian Parliament this year that would allow foreign banks to open cross- border branches. The proposals were announced Feb. 24 by Doug Peters, Canada's secretary of state for financial institutions, who will submit them to parliament before yearend.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.