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The new office followed the striking of the Canada-European Union Comprehensive Economic and Trade Agreement (CETA), although Patrick Leblond, a senior fellow at the Centre for International Governance Innovation, said the free-trade deal did not offer much new for financial services.
“It doesn’t really provide anything special or new to European banks to do business within Canada,” Leblond said. “Sometimes CETA can have a benefit in terms of raising awareness, but I think in this case it’s probably just more business … opportunities that European banks might have identified in the Canadian market.”