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Canada’s banking system is known to be one of the safest and most stable across the globe. The country’s “Big Five” banks – Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce have come to dominate the market, together holding over 90% of bank assets as of 2023. However, Canada also hosts smaller and more regionally focused banks that continue to play important roles for customers. In this article, we will look into the list of top 10 banks in Canada. Let’s explore. Table of Content
About the Top 10 Banks in CanadaBanks in Canada run strong (despite less government assistance), and the financial institutions are classified based on supplying banking services into five basic categories: Chartered Banks, Cooperative Credit Movement, and Company types including life insurance, trust and loan, and security dealers. According to the most recent data, there are 29 domestic banks. 24 foreign banks are subsidiaries. Aside from that, 27 foreign bank branches and three foreign bank lending branches provide the entire range of respective banking services. Canadian financial institutions manage around $4.6 trillion in assets. Banks manage 70% of these assets. The top six banks hold 90% of all banking assets. List of Top 10 Banks in CanadaThe following table lists the top 10 banks in Canada:
1. Royal Bank of Canada (RBC)Royal Bank of Canada is the largest in controlling total banking assets. It handles total assets of around $1.7 trillion.
2. Toronto-Dominion Bank (TD)This is the second largest bank in Canada with controlling assets. Toronto-Dominion Bank controls around $1.5 trillion of assets.
3. Bank of Nova Scotia (Scotiabank)It is the third-largest bank in terms of controlling total assets. It handles around $1.2 trillion. It has employed around 89,214 employees.
4. Bank of Montreal (BMO)The fourth-largest bank of Canada, in terms of total assets acquired, the fourth-largest bank of Canada is the Bank of Montreal. It handles around $976 billion of total assets.
5. Canadian Imperial Bank of Commerce (CIBC)Canadian Imperial Bank of Commerce is the fifth in total assets acquired. It was established on 1st June 1961. As per the last report, this bank has acquired total assets of $763 billion.
6. National Bank of CanadaIt has taken the sixth spot in Canada in terms of total assets acquired. The total assets acquired by the National Bank of Canada are $370 billion.
7. Laurentian Bank of CanadaThis bank has secured the seventh position in terms of total assets acquired. The total assets acquired by the Laurentian Bank of Canada are $45.2 billion.
8. Canadian Western BankIn eighth position, we have the Canadian Western Bank, in terms of total assets acquired. It was founded in 1988. The total assets acquired by Canadian Western Bank are $37 billion.
9. ATB FinancialATB Financial was established in 1938 by Premier William Aberhart as the Alberta Treasury Branches. The bank is headquartered in Edmonton, Alberta, Canada and has 175 branches across 244 communities in the province.
10. Tangerine Bank (Subsidiary of Scotiabank)Tangerine Bank is a subsidiary of Scotiabank. In 2012, Scotiabank acquired ING Direct Canada for CAD$3.1 billion and required the bank to change its name to Tangerine in 2014.
Conclusion – Top 10 Banks in CanadaWhile Canada’s major banks offer similar services and compete across most categories, they all have unique histories, strengths, client focuses, and strategies that have allowed them to maintain leadership positions over the past 100+ years and counting. And the country’s smaller Schedule 1 banks fill in gaps by specializing in specific offerings from credit unions to entirely digital banks. Canada has several banks to meet diverse consumer and business needs. The country’s major banks offer similar services but utilize unique strategies to maintain strength across wealth, capital markets, investment banking and more, to continue domination. Despite newcomers and digital disruption, the stability of Canada’s banking oligopoly remains intact. Related Articles:
FAQs on Top 10 Banks in CanadaWhich bank is the largest in Canada by assets?
How many banks make up the “Big Five” Canadian banks?
Which bank has the most international presence?
Which bank is strongest in Quebec?
Are there only national banks or regional ones too?
Have digital banks disrupted Canada’s banking industry?
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