M&T Bank, a New York-based financial services firm, has obtained an approval from the Office of the Superintendent of Financial Institutions Canada (OSFI) to open a commercial banking office in Canada.

The bank said that the new branch to be opened in Toronto, will provide various commercial banking services, including deposit and loan products, to Canadian businesses.

M&T Bank has appointed John MacLeod, who has more than 30 years of experience in the Canadian commercial banking industry, as new Canadian principal officer to lead its branch in Toronto.

Mark Czarnecki, president of M&T Bank, said: “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 US, makes Ontario an ideal location for M&T’s first international commercial bank office.”