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$42.6 billion, net income of C$12.4 billion and over 7 million credit card accounts. Currently the company has C$1.4 trillion in total assets, C$612 billion in loans and C$881 billion in deposits. As of September 30, 2019, RBC's market capitalization was US$116 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 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 U.S., located in 15 states from Maine to Florida and the District of Columbia. It also has 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.

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 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.

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 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 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.

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, and online, mobile 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 and Cirrus Networks.

See also: TangerineWealth One Bank, Exchange Bank, Foreign Banks, American Express, Top Insurers 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 1,406.90 07/31/2019
2 Toronto-Dominion Bank 1,405.44 07/31/2019
3 Bank of Nova Scotia 1,066.74 07/31/2019
4 Bank of Montreal 839.180 07/31/2019
5 CIBC 642.522 07/31/2019
6 Desjardins Group 310.906 06/30/2019
7 National Bank of Canada 276.312 07/31/2019
8 HSBC Bank Canada 115.197 06/30/2019
9 Laurentian Bank of Canada 44.337 07/31/2019
10 Canadian Western Bank 30.931 07/31/2019

The 5 Largest Canadian Banks by market cap

Following are the largest Canadian banks ranked by market value in billions of U.S. dollars as of October 1, 2019.

Rank Bank Market Capitalization (US$b)
1 Royal Bank of Canada 116.4 B
2 Toronto-Dominion Bank 106.0 B
3 Bank of Nova Scotia 69.4 B
4 Bank of Montreal (BMO) 47.1 B
5 Canadian Imperial Bank of Commerce 36.7 B