Categories
The term “Big Five Canadian Banks” refers to the five largest banking institutions in Canada. These banks are Royal Bank of Canada, Toronto-Dominion Bank, Scotiabank, Canadian Imperial Bank of Commerce and Bank of Montreal. The Big Five Canadian banks dominate the Canadian financial markets with a combined market share of over 90%. These banks are actually international banks with market share in the US, the Caribbean, Latin America and Asia. They have thousands of employees in Canada and around the world. You may also come across the term “Big Six Banks” which is “Big Five Banks” and the National Bank of Canada, which primarily serves customers in Quebec.
RBC Financial Group or simply Royal Bank of Canada It is the largest Canadian bank headquartered in Toronto, Ontario. The bank was founded in 1864, in Halifax, Nova Scotia. Royal Bank has more than 70,000 employees worldwide with offices in more than 30 countries and operates 21% of all Canadian ATMs. Royal Bank’s common shares are listed on the Toronto Stock Exchange, the Swiss Electronic Stock Exchange and the New York Stock Exchange.
domain bank of toronto (TD Bank Financial Group) is Canada’s second largest bank headquartered in Toronto, Ontario. The bank was founded in 1855 in Toronto. TD Bank has more than 58,000 employees and serves 14 million customers around the world. TD Bank Financial Group’s common shares are listed on the Toronto Stock Exchange, the New York Stock Exchange and the Tokyo Stock Exchange.
scotiabank formerly known as The Bank of Nova Scotia is the Canadian bank with the largest international presence. The bank was founded in 1832 in Halifax, Nova Scotia. Scotiabank operates in more than 40 countries, primarily in the Caribbean, Central and Latin America, Mexico and Asia. Scotiabank has more than 12 million customers offering personal, business and investment banking services. The bank has 57,000 employees worldwide. Scotiabank’s common shares are listed on the Toronto and New York Stock Exchanges.
Tea Bank of Montréal trading as BMO Financial Group is Canada’s oldest bank, established in 1817 in Montreal, Quebec. The bank has 35,000 employees and provides a wide range of financial services to its clients in Canada and the US BMO is listed on the Toronto Stock Exchange and the New York Stock Exchange.
CIBC (Canadian Imperial Bank of Commerce) was founded in 1867 in Toronto, Ontario. The bank is headquartered in Toronto and has more than 37,000 employees worldwide, providing a wide range of financial services to more than 11 million customers. CIBC is the smallest of the “Big Five” Canadian banks. CIBC is listed on the Toronto and New York Stock Exchanges.
The Canadian banking system is well established and developed and Canadian banks are one of the important pillars of the Canadian economy and society. Canadian financial institutions maintain a network of more than 7,500 bank branches and more than 17,000 ATMs. The top five Canadian banks are all members of the Canadian Bankers Association and the Deposit Insurance Corporation of Canada.
