Comerica has received final approval from the Canadian government to operate a commercial banking subsidiary in Canada.
The Toronto-based subsidiary, Comerica Bank-Canada, will provide corporate banking and trade services to middle-market and large corporations, Comerica announced. Philip H. Buxton, who previously served as Comerica's Canadian representative, has been named managing director and chief executive officer of the unit.
Douglas A. Ransdell, senior vice president in charge of international banking at Comerica, noted that Canada is the United States' largest trading partner and receives the most direct foreign investment from the United States.
Comerica's decision to open a Canadian banking unit complements a similar move to open a Mexican banking unit in 1997 and is part of a broader plan to build an integrated North American operation, the $35 billion bank said.