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 86 banks operating in Canada including 36 local banks, and branches and subsidiaries of foreign banks. 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 and Montreal, is the largest Canadian bank by assets, market capitalization, number of branches and ATMs. With 85,000 employees, it serves 17 million customers through over 1,200 branches in Canada as well as branches in the U.S., the Caribbean and other countries. RBC was named Canada’s Most Valuable Brand by Brand Finance, Best Workplaces in Canada by Great Place to Work, Best Investment Bank and Best Trade Finance Provider in Canada by Global Finance. As of June 1, 2020, RBC's market value was US$96 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. It employs approximately 87,000 people and 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. 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 Best Bank for seniors by Money Magazine.

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, about 100,000 FTE employees, 3,076 branches and offices and 8,970 ATMs. 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, 2020, BMO reported C$880 billion in total assets, C$431 billion in net loans and C$582 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 about 11 million customers, 44,000 employees, 1,020 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 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 about 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, wire transfers and more. The company is ranked among Canada's Best Diversity Employers and 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 giant HSBC Holdings plc. With headquarters in Vancouver, British Columbia, it has branches in every province of the country. In 2019, it reported total assets of C$107 billion, total operating income of C$2.2 billion and profit for the year of C$595 million. Tier 1 ratio and total capital ratio were 13.9% and 16.4%, respectively.

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 3,100 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, 2020, Laurentian Bank had total assets of C$45 billion, deposits of C$25 billion and loans of C$34 billion, including C$16 billion in residential mortgages. 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, offers chequing, student and youth accounts, business and US dollar accounts, 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 credit cards, employee banking package, depository services, in-touch telephone banking, online and ATM banking. It is a member of CBA (Canadian Bankers Association), CDIC (Canada Deposit Insurance Corporation), Mastercard International, Interac, The Exchange and Cirrus Networks.

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

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 1,476.30 01/31/2020
2 Toronto-Dominion Bank 1,457.43 01/31/2020
3 Bank of Nova Scotia 1,154.02 01/31/2020
4 Bank of Montreal 879.720 01/31/2020
5 CIBC 672.118 01/31/2020
6 Desjardins Group 312.996 12/31/2019
7 National Bank of Canada 289.191 01/31/2020
8 HSBC Bank Canada 106.571 12/31/2019
9 Laurentian Bank of Canada 44.283 01/31/2020
10 Canadian Western Bank 31.572 01/31/2020

The 5 Largest Canadian Banks by market capitalization

Following are the largest Canadian banks ranked by market value in billions of U.S. dollars as of June 30, 2020.

Rank Bank Market Capitalization (US$b)
1 Royal Bank of Canada 96.50 B
2 Toronto-Dominion Bank 80.41 B
3 Bank of Nova Scotia 49.96 B
4 Bank of Montreal (BMO) 34.11 B
5 Canadian Imperial Bank of Commerce 29.82 B