The Largest Banks in Canada

The Canadian banking system is one of the safest in the world. There are 83 banks operating in Canada including 35 local banks and 48 branches and subsidiaries of foreign banks. The banking sector in Canada is dominated by top five banks: Royal Bank of Canada, Toronto-Dominion Bank, Scotiabank, Bank of Montreal and Canadian Imperial Bank of Commerce. The Bank of Canada, established in 1934, is the nation’s central bank responsible for monetary policy and financial system. The Top 10 Canadian banks collectively hold over $8.9 trillion in total assets. Following is a list of the largest and best banks in Canada.

Top 10 Banks in Canada by assets

Below are the largest banks in Canada ranked by total assets in billions of Canadian dollars.

Rank	Bank	Total Assets (C$b)	Balance Sheet
1	Royal Bank of Canada	2,076.11	07/31/2024
2	Toronto-Dominion Bank	1,967,18	07/31/2024
3	Bank of Nova Scotia	1,402.37	07/31/2024
4	Bank of Montreal	1,400.47	07/31/2024
5	CIBC	1,021.41	07/31/2024
6	National Bank of Canada	453.933	07/31/2024
7	ATB Financial *	60.382	03/31/2024
8	Equitable Bank	54.070	07/31/2024
9	Laurentian Bank of Canada	47.461	07/31/2024
10	Canadian Western Bank	42.462	07/31/2024

* ATB Financial is a provincial Crown corporation.

Royal Bank of Canada

Royal Bank of Canada (RBC) is the largest bank in Canada by assets, revenue and market capitalization. The company’s business segments include Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury Services and Capital Markets. With over 96,000 employees, it serves more than 17 million customers through approximately 1,340 branches worldwide. RBC has the largest branch and ATM network in Canada. It was named The Safest Commercial Bank in the World by Global Finance.

Toronto-Dominion Bank

Toronto-Dominion Bank (or TD Bank Group) is the second-largest bank in Canada by assets and revenue. With around 1,060 branches and 3,400 ATMs across the country, it offers a complete range of personal, corporate, investment and insurance services. The company's main business segments are Canadian Personal and Commercial Banking, U.S. Retail Banking, and Wealth Management and Insurance. It is the best bank in Canada according to Global Finance and one of Canada's Best Employers according to Forbes. TD has a long term ratings of Aa1 from Moody's, AA- from Standard & Poor’s and AA from Fitch.

Bank of Nova Scotia

Bank of Nova Scotia (Scotiabank) is the third largest bank in Canada by total assets. The company is Canada's most international bank with presence in 55 countries and about 89,000 employees. It provides a full array of products and services including personal, corporate and investment banking, wealth and asset management, home and auto insurance, life insurance, online and mobile banking, brokerage services and more. The Scotiabank’s network includes around 900 domestic branches and more than 1,300 branch offices abroad.

Bank of Montreal

Bank of Montreal (known as BMO Financial Group) is one of the big four Canadian banks. It employs 53,600 people and serves customers through about 890 branches and 3,200 ATMs in Canada and nearly 1,000 branches in the United States. The company's main business divisions are Personal & Commercial Banking, Capital Markets, and Wealth Management. Established in 1817, Bank of Montreal is the oldest and first bank in Canada. In the U.S., the company operates through BMO Harris Bank.

Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is the fifth largest bank in Canada with about 14 million customers, 49,000 employees, 990 branches and 3,000 ATMs. The Bank's key business segments are Personal and Small Business Banking, Commercial Banking, Wealth Management and Capital Markets. CIBC shares are listed on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE). As of October 31, 2024, CIBC had a market capitalization of US$60 billion.

National Bank of Canada

National Bank of Canada is the largest bank in Quebec and the sixth largest in Canada. With about 390 branches, it offers retail, corporate and investment banking services including chequing accounts, high interest savings accounts, personal and business loans, mortgages, debit cards, low rate and no annual fee credit cards, insurance, asset management, online banking, mobile banking app, foreign currency exchange, wire transfers, online trading and more. The company is ranked among Canada's Best Diversity Employers and Montreal's Top Employers.

Desjardins

Desjardins Group is the largest cooperative financial institution in North America with more than 7.7 million members, 55,000 employees, 204 caisses, 70 business locations and 1,560 ATMs across Quebec and Ontario. The company is the only financial institution established in over 180 towns and villages.

ATB Financial

Based in Edmonton, ATB Financial is the leading financial institution in Alberta. With a team of over 5,000 people, it serves over 820,000 customers across 350 municipalities in Alberta. The company participates in the Large Value Transfer System (LVTS), a Canada’s real-time payment system for electronic wire transfers of large sums of money. As of March 2024, ATB had over $60 billion in total assets and $41 billion in deposts.

Laurentian Bank of Canada

Laurentian Bank of Canada (LBC) is a universal bank with main activities in the province of Quebec. The company employs about 2,700 people and operates through 57 branches and 110 ATMs. The Bank's main business lines are Retail and Business Banking, B2B Bank, Securities and Capital Markets, and LBC Financial Services. As at October 31, 2024, Laurentian Bank had $47 billion in total assets, $23 billion deposits and $35 billion in loans including $16 billion in residential mortgages and HELOCs. The company’s shares are traded on the TSX.

Canadian Western Bank

Canadian Western Bank (CWB), based in Edmonton, is a Schedule I chartered bank with a primary focus on businesses and their owners. CWB’s loan book is mainly represented across British Columbia, Alberta and Ontario. CWB was created through the merger of Western & Pacific Bank of Canada and Bank of Alberta in 1988. Today, the company has about 40 branches and employs over 2,600 people. CWB is a member of Canadian Bankers Association and CDIC (Canada Deposit Insurance Corporation).

Best Online Banks in Canada

Simplii Financial, a digital banking division of CIBC, currently has over 2 million customers.

Tangerine Bank, an online subsidiary of Scotiabank, serves more than 2.5 million clients.

EQ Bank is a digital bank owned by Equitable Bank. It is the best online bank in Canada according to Forbes.

Manulife Bank is a wholly owned subsidiary of Manulife Financial Corporation.

Motusbank - A full-service digital bank owned by Meridian Credit Union.

Top 5 Banks in Canada by market capitalization

Following are the five largest Canadian banks based on market value as of January 30, 2025.

Rank	Bank	Market Capitalization (US$b)
1	Royal Bank of Canada	$172.7 B
2	Toronto-Dominion Bank	$100.5 B
3	Bank of Montreal (BMO)	$73.6 B
4	Bank of Nova Scotia	$64.7 B
5	Canadian Imperial Bank of Commerce	$60.5 B

Last updated January 31, 2025