High prices for U.S. banks and the disadvantages inherent in de novo branching will make it difficult for other Canadian banks to expand in the United States, says Bank of Montreal chairman and chief executive Matthew C. Barrett.
In an interview Wednesday, Mr. Barrett said one of the U.S. market's main attractions for Canadian banks is the possibility of developing business with small and medium-sized companies.
But, he added, "If one wants to crack that market segment, acquisitions would be prohibitively expensive."
Interstate branching is also unlikely to help Canadian banks seeking to expand in the United States. "They may be musing over what …
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