President Donald Trump said on Wednesday that U.S. banks cannot work in Canada.

He said this during a meeting with U.S. travel leaders.

The meeting was in the Oval Office.

He was answering a question about new trade talks between the two countries.

Experts say this is not true.

U.S. banks have some rules in Canada.

But they can enter the market.

The Canadian Bankers Association says 15 U.S. banks work there now.

They work as branches or subsidiaries.

Their money together is about $90.1 billion U.S. dollars.

Eight Canadian banks work in the U.S., says the Federal Reserve.

Trump also called the "Bank of Canada" one of Canada's big banks.

That is wrong.

The Bank of Canada is the country's central bank.

It is like the U.S. Federal Reserve.

It is not a commercial bank.

Canada has three bank groups.

Foreign banks can work as Schedule II subsidiaries.

Or they can work as Schedule III branches.

Schedule III branches cannot take deposits under $150,000 Canadian dollars.

So they cannot do much retail business.

Schedule II banks must keep separate capital and liquidity structures.

James Thompson is a finance professor.

He works at the University of Waterloo.

He said Canada is a small market.

He added that Canadian banks are strong.

So it is expensive for U.S. banks to compete for retail customers.