The Canadian banking sector is one of the safest in the world. It is regulated with more strict rules as compared to the United States. There are 88 banks operating in Canada including 35 domestic banks and 53 branches and subsidiaries of foreign banks. There are also 23 representative offices of foreign banks. The total number of ATMs (or ABMs) and bank branches across Canada equals approximately 20,000 and 5,900, respectively. RBC, Toronto-Dominion Bank, Scotiabank and Bank of Montreal are the four largest Canadian banks. Following is a list of the largest and best banks in Canada in terms of total assets.

Royal Bank of Canada

Royal Bank of Canada (Banque Royale du Canada), headquartered in Toronto, Ontario and Montreal, Quebec, is the largest Canadian bank by assets, market capitalization, number of branches and ATMs. With 86,000 employees, it serves 16 million customers through over 1,300 branches and 4,570 ATMs including 1,200 branches in Canada, 70 branches in the U.S. and 57 branches in the Caribbean. RBC was named Canada’s Most Valuable Brand by Brand Finance, Best Workplaces in Canada 2019 by Great Place to Work, Best Investment Bank and Best Trade Finance Provider in Canada by Global Finance. In 2018, RBC reported total revenue of C$43 billion, net income of C$12.4 billion and over 7 million credit card accounts. At January 3, 2020, RBC's market capitalization was US$114 billion.

Toronto-Dominion Bank

Toronto-Dominion Bank (or TD Bank Group) is the second-largest bank in Canada in terms of total assets and market capitalization, and the sixth largest bank in North America by number of locations. The company serves 25 million customers and employs approximately 87,000 people worldwide. It operates through around 1,100 retail branches and 3,460 ATMs in Canada, and 1,240 stores and 2,640 ATMs in the U.S., located in 15 states from Maine to Florida and the District of Columbia. It also has TD Securities offices worldwide. The company has legacy senior debt rating of Aa1 from Moody's and AA- from Standard & Poor’s. TD Bank was awarded as the 2nd safest bank in North America by Global Finance and the Best Bank for seniors by Money Magazine.

Bank of Nova Scotia

Bank of Nova Scotia (Scotiabank) is the third largest bank in Canada in terms of total assets. The company is Canada's most international bank with presence in 55 countries, 98,500 full-time equivalent employees, 3,076 branches and offices and 8,970 ATMs including 955 branches and 3,630 ATMs in Canada. It provides a full array of products and services including commercial and personal banking, wealth management, corporate and investment banking, life insurance, home and auto insurance, and more. It was named Best Bank for Small Business by CFIB as well as World’s Best Emerging Markets Bank in the U.S. Virgin Islands, Barbados, Costa Rica, the Bahamas, Trinidad & Tobago and Turks & Caicos by Global Finance.

Bank of Montreal

Bank of Montreal (known as BMO Financial Group) is the fourth-largest Canadian bank by assets and market capitalization. With 45,880 full-time equivalent employees, the Bank serves customers through 910 branches and 3,390 ATMs in Canada, and 570 branches and 1,440 ATMs in the United States. As of January 31, 2019, BMO reported C$807 billion in total assets, C$399 billion in net loans and C$532 billion in deposits. In the U.S., BMO Financial Group operates through BMO Harris Bank, BMO Private Bank (wealth management branches from coast to coast) and BMO Capital Markets.

Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is the fifth largest bank in Canada with over 11 million customers, 45,000 employees, 1,040 branches and 3,100 ATMs. The Bank's key business segments are Personal and Small Business Banking, Commercial Banking, Wealth Management and Capital Markets. CIBC was awarded as Best Treasury and Cash Management Bank in the country by Global Finance. It is also among the top 10 safest banks in North America. The company’s shares are listed on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE).

National Bank of Canada

National Bank of Canada, headquartered in Montreal, is the largest bank in Quebec and the sixth largest nationwide in terms of total assets. It operates through an extensive network of more than 420 branches and 930 ATMs and offers retail, corporate and investment banking, international trade, asset management, low rate and no annual fee credit cards, personal loans, mortgages, auto loans for new and used vehicles, insurance, payment services, foreign currency exchange, mobile and online banking, international money transfer services (or wire transfers) and more. The company is ranked among Canada's Best Diversity Employers and among Montreal's Top Employers.

HSBC Bank Canada

HSBC Bank Canada is the largest foreign bank in the country and the seventh-largest among Canadian banks. It operates as a wholly owned subsidiary of British financial behemoth HSBC Holdings plc. With headquarters in Vancouver, British Columbia, it has branches in every province. For the year ended December 31, 2018, net interest income was $1.3 billion and profit before income tax was $991 million.

Laurentian Bank of Canada

Laurentian Bank of Canada (LBC) is one of the top 10 banks in Canada with main activities in the Province of Quebec. With more than 3,300 full-time equivalent employees (FTE), it operates through about 90 branches and 200 ATMs. The Bank's key business lines are Retail and Business banking, B2B Bank, Securities and Capital Markets, and LBC Financial Services. As of April 30, 2019, Laurentian Bank had total assets of C$45 billion, deposits of C$27.1 billion and loans of C$34 billion, including C$16.3 billion in residential mortgage loans. The company’s shares are traded on the Toronto Stock Exchange (TSX) under the ticker symbol LB.

Canadian Western Bank

Canadian Western Bank (CWB), headquartered in Edmonton, Alberta, operates through 42 branches in Western Canada. It offers chequing, student and youth accounts, apex or peak performance accounts, business and US dollar accounts, cash management as well as fixed rate and variable rate mortgages, car loans, recreational vehicle loans, consolidation loans, RRSP loans, secured and unsecured lines of credit, financial planning, small business lending and insurance. It also offers Visa business cards, employee banking package, depository services, in-touch telephone banking, online and ATM banking. It is a member of CBA (Canadian Bankers Association) and CDIC (Canada Deposit Insurance Corporation) as well as member of Mastercard International, Interac, The Exchange and Cirrus Networks.

See also: Tangerine BankWealth One Bank, Exchange Bank, Foreign Banks, Top Insurers in Canada, American Express

Top 10 Banks in Canada by assets

Following are the top 10 Canadian banks and financial services groups ranked by total assets in billion of Canadian dollars.

Rank Bank Total Assets (C$b) Balance Sheet
1 Royal Bank of Canada 1,428.94 10/31/2019
2 Toronto-Dominion Bank 1,415.29 10/31/2019
3 Bank of Nova Scotia 1,086.16 10/31/2019
4 Bank of Montreal 852.195 10/31/2019
5 CIBC 651.604 10/31/2019
6 Desjardins Group 312.731 09/30/2019
7 National Bank of Canada 281.458 10/31/2019
8 HSBC Bank Canada 111.629 09/30/2019
9 Laurentian Bank of Canada 44.353 10/31/2019
10 Canadian Western Bank 31.424 10/31/2019

The 5 Largest Canadian Banks by market capitalization

Following are the largest Canadian banks ranked by market value in billion of U.S. dollars as of January 10, 2020.

Rank Bank Market Capitalization (US$b)
1 Royal Bank of Canada 114.2 B
2 Toronto-Dominion Bank 101.7 B
3 Bank of Nova Scotia 67.1 B
4 Bank of Montreal (BMO) 49.6 B
5 Canadian Imperial Bank of Commerce 36.8 B