Comerica Inc. announced that it has established a representative office in Toronto.
The office, which initially will be staffed by one person, is intended to better serve hundreds of U.S. and Canadian companies that do business in both countries, said Douglas A. Ransdell, senior vice president in charge of international finance.
Mr. Ransdell said a Canadian office make sense, as the Detroit-based Comerica overlooks the Detroit River into Windsor, Canada. Further expansion in Canada is a possibility, he said.
Comerica established a similar office in Mexico City in 1995. The company earlier this year received preliminary approval to establish a subsidiary bank in Mexico.
Mr. Ransdell said he hopes to receive final approval early next year to establish a Mexican bank. The subsidiary, he said, would be a wholesale commercial bank serving U.S. and Mexican companies.
Mr. Ransdell said he hasn't decided whether $34 billion-asset Comerica will try to establish a Toronto bank, but it is considering options in North America and beyond.