Chase Manhattan Corp. and J.P. Morgan & Co. have obtained approval from Canadian regulators to branch directly into Canada, becoming the first foreign banks to benefit from recent changes in financial regulations.

John Palmer, head of the Office of the Superintendent of Financial Institutions, said in an earlier interview that nine foreign banks have applied for branch licenses and another 15 or so, including a sizeable number of U.S. banks, have expressed interest in opening branches.

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.