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. Royal Bank of Canada, Toronto-Dominion Bank, Scotiabank and Bank of Montreal are the Big Four Canadian banks.
The Largest Banks in Canada
Following is a list of the largest and best banks in Canada ranked by total assets.
Royal Bank of Canada
Royal Bank of Canada (RBC), headquartered in Toronto, Ontario and Montreal, Quebec, is the largest Canadian bank by assets, market capitalization, number of branches and ATMs. With 82,200 full-time equivalent employees, it serves over 16 million customers through about 1,335 branches and 4,570 ATMs including 1,207 branches in Canada, 70 branches in the United States and 57 branches in the Caribbean. RBC was named Best Workplaces in Canada 2019 by Great Place to Work, Best Trade Finance Provider in Canada by Global Finance and Canada’s Most Valuable Brand by Brand Finance. In 2018, RBC reported total revenue of C$42.6 billion, net income of C$12.4 billion and over 7 million credit card accounts. The company has C$1.38 trillion in total assets, C$605.5 billion in loans and C$864 billion in deposits. As of August 9, 2019, RBC's market capitalization was US$110 billion.
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 branches, with 2,339 retail 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 United States, located in 15 states from Maine to Florida and the District of Columbia. It also has 15 TD Securities offices worldwide. The Bank's three main business areas are Canadian Retail, U.S. Retail and Wholesale Banking. The company has legacy senior debt rating of Aa1 from Moody's and AA- from Standard & Poor’s. TD Bank was awarded as the safest banks in North America by Global Finance and the Best Bank for seniors by Money Magazine. As of January 31, 2019, it recorded C$1.323 trillion in total assets, C$850 billion in deposits and C$649 billion in total loans. The company was founded in 1855 and is headquartered in Toronto.
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 FTE 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 banking, personal banking, wealth management and corporate and investment banking. 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 according to Global Finance. The Bank’s total assets and deposits as of January 2019 were C$1.03 trillion and C$4691 billion, respectively. The market capitalization was US$64 billion as of August 14, 2019.
Bank of Montreal
Bank of Montreal (BMO) 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, 44,000 employees, 1,070 branches and 3,880 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 and New York stock exchanges.
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 across the country. It offers deposit and lending products, corporate and investment banking, international trade, wealth management, low rate and no annual fee credit cards, car loans, mortgage loans, insurance, payment services, foreign exchange, and much 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 a medium-sized universal bank with main activities in the Province of Quebec. With more than 3,730 full-time equivalent employees (FTE), it operates through 103 branches and 281 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$16.3 billion in residential mortgage loans.
Canadian Western Bank
Canadian Western Bank (CWB), headquartered in Edmonton, Alberta, serves retail and business customers through 42 branches in Western Canada. It offers chequing and savings accounts, apex or peak performance accounts, student and youth accounts, business accounts, US Dollar accounts, cash management services as well as fixed rate and variable rate mortgages, personal and car loans, recreational vehicle loans, consolidation loans, RRSP loans, secured and unsecured lines of credit, financial planning, credit cards, small business lending, insurance and investment products. It also offers Visa business cards, employee banking package, depository services, In-touch telephone banking, online and mobile banking and ATM banking. Canadian Western Bank is a member of CBA (Canadian Bankers Association) and CDIC (Canada Deposit Insurance Corporation) as well as member of Mastercard International, Interac, The Exchange (Canada) and Cirrus Network.
See also: Foreign Banks in Canada
Top 10 Banks in Canada by assets
Following are the top 10 Canadian banks and financial services groups ranked by total assets in billions of Canadian dollars.
|Rank||Bank||Total Assets (C$b)||Balance Sheet|
|1||Royal Bank of Canada||1,378.88||04/30/2019|
|3||Bank of Nova Scotia||1,058.17||04/30/2019|
|4||Bank of Montreal||830.470||04/30/2019|
|7||National Bank of Canada||269.106||04/30/2019|
|8||HSBC Bank Canada||108.164||03/31/2019|
|9||Laurentian Bank of Canada||44.693||04/30/2019|
|10||CWB Financial Group||30.054||04/30/2019|
Top 5 Canadian Banks by market capitalization
Following are the largest Canadian banks ranked by market value in billions of U.S. dollars as of June 10, 2019.
|Rank||Bank||Market Capitalization (US$b)|
|1||Royal Bank of Canada||111.9 B|
|2||Toronto-Dominion Bank||103.8 B|
|3||Bank of Nova Scotia||65.1 B|
|4||Bank of Montreal (BMO)||47.8 B|
|5||Canadian Imperial Bank of Commerce||34.9 B|