Canada: Braking the Bank

Canada owes its prosperity in great part to American investment, but "creeping continentalism" — as some Canadians sneeringly call their country's close economic ties with the U.S. — is for many a matter of national pride and politics. An overdose of both ele ments has escalated a dispute which in volves U.S. banking beyond any neigh borly squabble.

Canada's target is the Mercantile Bank of Canada (assets: $225 million), which, as smallest by far of the country's eight nationally chartered banks, would hardly be noticed were it not wholly owned by New York's First Na tional City Bank. In Ottawa...

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