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In response, the federal government amended the Bank Act in , limiting foreign ownership of banks to 25 per cent of total shares. Languages English, French. In , American-owned Citibank took over the Mercantile Bank of Canada , raising fears that foreign ownership of Canadian banks was set to increase. Wallet Get all of your passes, tickets, cards, and more in one place. Within Canada, it purchased the struggling Merchants Bank of Canada in , a move that added more than branches across the country.