MIAMI—If you look around, you'll notice TD Bank stores springing up on many prime commercial real estate corners. And it's not just TD Bank—other Canadian banks like Bank of Montreal, are also beefing up their presence in southern Florida.

“A significant draw for Canadian banks is the international exposure that South Florida offers,” Frank Gonzalez, CPA/CFF, principal-in-charge of the Audit Department and head of the Financial Institutions and SEC practices at MBAF in Miami, tells GlobeSt.com. “Many Canadian banks want to not only deal domestically as a community bank, but also take advantage of the intentional trade and business that is available through South Florida.”

As Gonzalez sees it, this is the gateway towards providing banking services, especially international trade financing, to companies in Latin America and the Caribbean. He rightly points out that South Florida is considered the best place to have a regulated bank without actually having to be located in those countries.

“From a growth standpoint, there seems to be more and more opportunities in South Florida for international trade, which is an additional draw for the Canadian banks,” he says. “More capital is coming into the area from international settings, again from Latin America. Also, the commercial real estate environment is starting to pick up, as well as industries focusing on healthcare and technology.”

But those aren't the only reasons. Gonzalez also notes that many new businesses and new industries are opening in the South Florida and Miami areas. That, he said, means these companies will need additional financing to help them get established, progress and grow in the future.  

“The new Canadian banks setting up in this area will have more opportunities to grow depending on the extent that the banks can assist these businesses with their banking and financing needs, especially from an international standpoint,” Gonzalez says. “Several local financing institutions have disappeared because of the financial downturn and credit crisis of the last few years. This has created more opportunities for banks to gain market share.”