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One of the world's biggest banks may have to focus on niches to break "barriers" in Canada

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Banco Santander SA received a licence for its subsidiary to operate in Canada last month .

Being granted a banking licence means Santander Consumer Bank ( SCB ) can now take deposits from consumers.

Santander’s presence in Canada dates back about 10 years , when it spent $300 million to buy Edmonton -based Carfinco Financial Group Inc ..