Schedule I Bank
Definition of 'Schedule I Bank'
A Canadian financial institution regulated under the Federal Bank Act. A Schedule I bank cannot be wholly owned by non-residents.
Investopedia explains 'Schedule I Bank'
Under Bill C-8, implemented on October 24, 2001, the Schedule I and II bank structures were replaced with a new size-based ownership regime which is based upon the institution's equity.
Although the Schedule I and II bank structures have been replaced, they are still widely used to describe the two structures of bank in Canada.