M&T Bank Corp. has received approval from Canadian regulators to open a commercial banking office in Toronto, the Buffalo-based financial institution announced Monday.
The branch, on Bay Street downtown, is M&T’s first in Canada. It will provide commercial banking services such as deposits and loan services to Canadian businesses, officials said.
“Canada has a robust economy and a strong trade relationship with the U.S., with a large amount of that trade flowing across the Ontario-New York border,” bank President Mark Czarnecki said in a statement.
“M&T has been headquartered on the border for more than 150 years, and our understanding of cross-border commerce, along with decades of experience serving Canadian businesses operating in the U.S., makes Ontario an ideal location for M&T’s first international commercial bank office.”
John McLeod, a commercial banker in Canada for 30 years, has been appointed principal officer for M&T in Canada.
M&T Bank ranks second in the Rochester market with local deposits of $2.6 billion, data from the Federal Deposit Insurance Corp. shows. It is one of the 20 largest commercial bank holding companies in the United States.
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