President Donald Trump said on Wednesday that U.S. banks are not allowed to work in Canada.

He made this statement during a meeting with U.S. travel company leaders in the Oval Office.

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

Experts say this claim is not true.

U.S. banks face some limits in Canada, but they are not banned from entering the market.

The Canadian Bankers Association says 15 U.S.-based banks now work there as branches or subsidiaries.

Their combined assets are about $90.1 billion U.S. dollars.

Eight Canadian banks work in the U.S., according to 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, like the U.S. Federal Reserve.

It is not a commercial bank.

Canada has three bank categories.

Foreign banks can work as Schedule II subsidiaries or Schedule III branches.

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

This limit reduces their business with regular people.

Schedule II banks must keep separate capital and liquidity structures.

James Thompson, a finance professor at the University of Waterloo, said Canada is a fairly small market.

He added that established Canadian banks make it costly for U.S. banks to compete for regular customers.