List of Banks in Canada

There are more than 80 banks operating in Canada including 35 domestic banks (Schedule I banks), 14 subsidiaries and 26 full-service branches of foreign financial institutions (Schedule II and Schedule III banks), and two lending branches of foreign banks. The Canadian banking industry is dominated by a few large national banks such as RBC, TD, Scotiabank, Bank of Montreal and CIBC. Canada is one of the world’s top five countries by number ATMs per 100,000 adults.

Domestic Banks

  • B2B Bank is a Schedule I bank offering products and services to mortgage brokers and financial advisors. It is owned by Laurentian Bank of Canada.
  • BMO Financial Group (Bank of Montreal) is one of the big four banks in Canada.
  • Bank of Nova Scotia (or Scotiabank) is Canada's most international bank with over 2,200 branches including 900 branches in Canada and 8,530 ATMs including 3,570 domestic ATMs. It employs approximately 88,500 people of which 18,700 employees in Canada.
  • Bridgewater Bank, headquartered in Calgary, is a Schedule I chartered bank providing residential mortgages and deposit products through a network of brokers.
  • Caisse populaire acadienne ltee (UNI Financial Cooperation)
  • Canadian Imperial Bank of Commerce (CIBC), founded in 1961, is one of the big five banks in Canada with over 14 million customers, 48,500 employees, 990 branches, 3,000 ATMs and over C$1 trillion in total assets as at October 31, 2024.
  • Canadian Tire Bank (CTB), based in Oakville, Ontario, is a financial subsidiary of Canadian Tire Corporation. CTB specializes in marketing the Triangle credit cards and has over 4 million cardholders.
  • Canadian Western Bank (CWB) was founded in 1984 and is headquartered in Edmonton, Alberta.
  • Concentra Bank is a wholly-owned subsidiary of Equitable Bank. Wyth Financial is a trading name of Concentra.
  • CS Alterna Bank, headquartered in Ottawa, is a Canadian direct bank and subsidiary of Alterna Savings credit union. The Bank's cardmembers have access to thousands of surcharge-free ATMs. Alterna is a leader in the cannabis industry.
  • Coast Capital Savings Federal Credit Union, headquartered in Surrey, is the largest credit union in Canada by membership. It serves approximately 600,000 members through over 40 branch locations in British Columbia including Metro Vancouver, Okanagan Country, Fraser Valley and Vancouver Island regions.
  • Digital Commerce Bank (DCBank), formerly known as DirectCash Bank, provides services for FinTech entrepreneurs and financial institutions.
  • Equitable Bank is a Canadian challenger bank. It has offices in Toronto, Vancouver, Calgary, Montreal, Saskatoon and Regina.
  • Exchange Bank of Canada, founded in 2016, is a division of U.S.-based company Currency Exchange International (CXI) that is headquartred in Orlando, Florida.
  • Fairstone Bank of Canada (formerly Duo Bank) is a Schedule I bank offering personal loans from $500-$60,000, mortgages, credit cards, rewards programs and other services. It serves over 3 million Canadians through 250 branches coast to coast and has a customer satisfaction rate of 98%.
  • First Nations Bank of Canada, headquartered in Saskatoon, is controlled and owned by Indigenous shareholders from Saskatchewan, Manitoba, Alberta, Yukon, Quebec, Nunavut and Northwest Territories.
  • General Bank of Canada (GBC), based in Edmonton, Alberta, provides a range of products and services including commercial lending, auto loans through more than 2,000 automotive dealerships, aviation and aircraft-related financing, guaranteed deposits and online services.
  • Haventree Bank, established in 1991, is a private Canadian bank providing alternative mortgage products and insured guaranteed investment certificates (GICs). Headquartered in Toronto, it employs approximately 200 people.
  • Home Bank is a subsidiary of Home Trust Company. It offers deposit products via brokers and Oaken Financial.

  • HomeEquity Bank, founded in 1986, offers reverse mortgages, income advantage loans and guaranteed investment certificates. It is the first Canadian bank to offer reverse mortgages to homeowners aged 55 and over. As of December 2023, the Bank’s reverse mortgage portfolio amounted to $7.4 billion.

  • Laurentian Bank of Canada (LBC) was established in 1846 and is headquartered in Montreal. It operates primarily in Quebec and Ontario and offers low-cost banking solutions for middle-class Canadians. With about 2,700 employees, it has 57 branches and 110 ATMs across Canada.

  • Manulife Bank of Canada, based in Waterloo, is a direct bank serving customers in all provinces and territories. Founded in 1993, it was the first branchless bank in Canada. The Bank is a wholly-owned subsidiary of Manufacturers Life Insurance Company.

  • Motus Bank is a full-service online bank offering no-fee chequing account and unlimited e-transfers, debit card, high interest savings accounts, mortgages, GICs, home equity lines of credit (HELOCs) as well as investment options at great rates.

  • National Bank of Canada (NBA), headquartered in Montreal, is the leading bank in Quebec and one of systemically important banks in Canada. It has 2.7 million personal customers, 150,000 business clients and 19,000 local employees. NBA maintains 369 branches and 940 ATMs across the country.

  • Peoples Bank of Canada, based in Vancouver, British Columbia, is a Schedule I Bank and a member of the Canada Deposit Insurance Corporation. It operates as a subsidiary of Peoples Trust Company.

  • President's Choice Bank is owned by Loblaw Companies ltd, a Canadian retailer and supermarket chain.
  • RFA Bank of Canada, based in Toronto, is an alternative mortgage lender.

  • Rogers Bank offers award-winning and innovative consumer rewards credit cards including no annual fee Red Mastercard and Red World Elite Mastercard. The Bank operates as a subsidiary of Rogers Communications Inc (RCI), Canada's leading wireless, cable and media company.

  • Royal Bank of Canada (RBC) is the largest Canadian bank in terms of assets and market capitalization. It has more than 17 milion customers and 95,000 employees worldwide.

  • Tangerine (formerly ING Direct), established in 1997, is an online bank operating as a subsidiary of Scotiabank. It has over 2 million clients and approximately 1,200 employees. It is #1 in customer satisfaction among midsize banks according to J.D. Power Canada Retail Banking Satisfaction Study

  • Toronto-Dominion Bank (TD Bank Group) is the second largest bank in Canada by assets and market capitalization.

  • Vancity Community Investment Bank (VCIB), a member of CDIC, is a wholly-owned subsidiary of Vancouver City Savings Credit Union, the biggest community credit union in Canada.

  • VersaBank (formerly Pacific & Western Bank of Canada) is a cloud-based branchless B2B bank. It was established in 1980 and is headquartered in London, Ontario.

  • Wealth One Bank of Canada, founded in 2016, is a full-service digital bank. It is ranked number three on Forbes' list of the Best Online Banks in Canada.
  • ADS Canadian Bank (formerly Dundee Bank of Canada) amalgamated with Scotiatrust in 2022.
  • Zag Bank (formerly known as Bank West) was an internet bank owned by Desjardins Group. It was closed in 2019.

Related articles: List of Major Banks in Canada

Subsidiaries of Foreign Banks

Amex Bank of Canada
Bank of China (Canada)
Bank One Canada (Inactive September 2022)
Cidel Bank Canada
Citco Bank Canada
Citibank Canada
CTBC Bank Corp (Canada)
Habib Canadian Bank
HSBC Bank Canada (Inactive May 2024)
ICICI Bank Canada
Industrial & Commercial Bank of China (Canada)
J.P. Morgan Bank Canada
KEB Hana Bank
SBI Canada Bank
Shinhan Bank Canada
Société Générale Capital Canada Inc
UBS Bank (Canada)

Full-Service Branches of Foreign Banks

Bank of America, N.A.
Bank of China, Toronto Branch
Bank of New York Mellon, Canada
Barclays Bank PLC, Canada Branch
BNP Paribas, Canada Branch
Capital One Bank (USA), N.A. (Canada Branch)
China Construction Bank, Toronto Branch
Citibank N.A., Canadian Branch
Comerica Bank
Deutsche Bank AG, Canada Branch
Fifth Third Bank, National Association, Canada Branch
First Commercial Bank
JPMorgan Chase Bank N.A., Toronto Branch
M&T Bank
Maple Bank GmbH (in liquidation)
Mega International Commercial Bank Co. Ltd
Mizuho Bank, Ltd., Canada Branch
MUFG Bank, Ltd., Canada Branch
Northern Trust Company, Canada Branch
PNC Bank, Canadian Branch
Cooperatieve Rabobank U.A. (Rabobank Canada)
Societe Generale (Canada Branch)
State Street Bank and Trust Company
Sumitomo Mitsui Banking Corporation
UBS AG, Canada Branch (Inactive January 31, 2021)
United Overseas Bank Limited
U.S. Bank N.A., Canada
Wells Fargo Bank N.A., Canadian Branch

Lending Branches of Foreign Banks

Crédit Agricole Corporate & Investment Bank
Credit Suisse AG, Toronto Branch (Inactive May 2024)
Merrill Lynch International Bank Ltd (Inactive May 2015)
Natixis Canada Branch
Silicon Valley Bank (Inactive April 2023)

Representative Offices of Foreign Banks in Canada

There are 16 representative offices of foreign banks in the country. The representative offices may not accept deposits in Canada.

Agricultural Bank of China Ltd
Attijariwafa bank
Banco Santander Totta, SA (permanently closed)
Banco Base, S.A., Institución de Banca Múltiple
Bank of Communications Co., Ltd
Banque Centrale Populaire du Maroc
Banque Degroof Petercam Luxembourg S.A.
Banque Marocaine du Commerce Extérieur S.A.
Banque Transatlantique S.A.
Caixa Economica Montepio Geral
Caixa Geral de Depósitos S.A.
CaixaBank, S.A.
Crédit Agricole Corporate and Investment Bank
Crédit Industriel et Commercial S.A.
Pathward, National Association
Doha Bank Canada, Representative Office
JN Bank Limited
Landesbank Baden-Württemberg (LBBW)
Natixis

Last updated January 31, 2025