Bank of Canada Bank of Montreal CIBC Royal Bank of Canada Scotiabank Toronto Dominion Bank
Bank of Canada BMO CIBC RBC Scotiabank TD Bank

There are approximately 80 banks in Canada with over 6,300 branches and 19,000 ATMs, of which over 8,000 ATMs in Ontario. The banks employ over 280,000 Canadians and 99,400 people abroad. The total number of Visa and MasterCard cards in circulation in Canada is approximately 70 million.

Canada’s banking sector includes Schedule I banks (domestic banks), Schedule II banks (foreign bank subsidiaries) and Schedule III banks (branches of foreign banks). The three new domestic banks (Exchange Bank of Canada, UNI Financial and Wealth One Bank of Canada) commenced operations in 2016. The five largest Canadian banks (Toronto-Dominion Bank, Royal Bank of Canada, Scotiabank, Bank of Montreal and CIBC) are among the world's 50 safest banks according to Global Finance ranking. During 2016, Canada’s Big Six banks (RBC, TD, BNS, BMO, CIBC, NBC) generated revenue of over C$20 billion.

Amex Bank of Canada – The issuer of American Express charge and credit cards, with outstanding products like the American Express Gold Rewards Card, the American Express Platinum Card, and the American Express AeroplanPlus Gold Card.

Bank of America (Canada Branch) provides financial products and services to corporate, institutional and commercial customers throughout Canada.

Bank of Canada – The central bank of Canada established in March 1935. It is not a commercial bank and does not offer banking services to the public. Since 1998, the Bank's policy has been to intervene in the foreign exchange market only under exceptional circumstances.

Bank of Montreal (BMO) – The fourth largest bank in Canada in terms of assets and deposits. BMO serves over 12 million customers through offices in Canada, the US and other countries. Founded in 1817, it is the oldest bank in Canada. BMO Wealth Management was named Best Wealth Management in Canada by Global Banking and Finance Review.

Bank of Nova Scotia (Scotiabank) – Canada’s third largest lender by deposits, assets and market value. As of January 30, 2017, it had a market capitalization of US$72 billion.

Bank West was Canadian chartered bank with a specific focus on the western provinces. It operated as a subsidiary of Western Financial Group. In 2011, Western Financial Group was acquired by the Desjardins Group.

B2B Bank is a Schedule I Canadian bank which serves a network of some 27,000 independent financial advisors and mortgage brokers across Canada. It has over $11 billion in total assets.

Bridgewater Bank – A Canadian Schedule I chartered bank with a portfolio of approximately $3.0 billion. It offers mortgages, credit cards and deposits. Bridgewater is a wholly owned subsidiary of the Alberta Motor Association, one of the largest affiliates of CAA (Canadian Automobile Association) and AAA (American Automobile Association) in North America.

Business Development Bank of Canada (BDC) is the only bank exclusively dedicated to entrepreneurs. BDC provides financing, venture capital and consulting services through a network of more than 100 business centres across Canada.

Canadian Imperial Bank of Commerce (CIBC) – One of the top five banks in Canada. It provides a complete range of financial products and services through over 1,070 branches and offices and 3,800 ATMs across Canada. It was named Best Treasury & Cash Management Bank in Canada by Global Finance. As of January 30, 2017, CIBC had a market capitalization of US$34 billion.

Canadian Tire Bank (CTB) – A subsidiary of Canadian Tire Corporation Limited. CTB offers savings accounts, credit cards and online banking services. Canadian Tire is one of the ten largest credit card issuers in Canada.

Canadian Western Bank – A Schedule I chartered bank with headquarters in Edmonton, Alberta and principal operations in the four western provinces of Canada. The branch network consists of 17 branches in Alberta, 18 branches in British Columbia, 4 branches in Saskatchewan and 2 in Manitoba. As of January 31, 2017, it had total assets of over C$25 billion.

Capital One Canada

Citibank Canada – A subsidiary of Citigroup Inc., an American multinational financial services company headquartered in New York. Citi operates in Canada through the Citibank, Citi Cards Canada, CitiFinancial, Citigroup Global Markets, Citigroup Fund Services and Citi Private Bank.

Citizens Bank of Canada – An internet bank owned by Vancouver City Savings Credit Union. In 2009, Citizens Bank announced that it will focus its operations on Visa card services and foreign exchange services for non-retail members.

CFF Bank (formerly MonCana Bank of Canada) is a Canadian owned Schedule I Bank. It operates as a subsidiary of Home Trust Company.

CS Alterna Bank is a federally licensed bank. It operates as a subsidiary of Alterna Savings, a credit union formed in 2005 by the merger of CS CO-OP and Metro Credit Union.

Desjardins Group (or Mouvement des caisses Desjardins) – The largest cooperative financial group in Canada. It was ranked first in North America in Bloomberg’s World's 20 Strongest Banks in 2015.

DirectCash Bank (DC Bank) – A Canadian bank based in Calgary, Alberta. It offers ATM accounts and prepaid credit cards. DC Bank account is ideal for everyday ATM usage, point-of-sale and bill payments.

Dundee Corporation is a public Canadian independent holding company with a market capitalization of US$234 million as of January 30, 2017.

First Nations Bank of Canada is a Canadian chartered bank with branches in Saskatoon, Chisasibi, Walpole Island, Whitehorse, Nunavut, and Winnipeg. It focuses on Aboriginal marketplace in Canada. The Bank offers deposit accounts, loans, mortgages, investments, credit products and more.

General Bank of Canada offers car loans and Guaranteed Investment Certificates through a network of auto dealers and independent deposit brokers.

HomEquity Bank – A Schedule I Canadian Bank and the leading National Reverse Mortgage provider. HomEquity Bank originates and administers Canada's largest portfolio of reverse mortgages under the CHIP Home Income Plan brand. HomEquity Bank is owned by Birch Hill Equity Partners.

HSBC Bank Canada – A subsidiary of HSBC Holdings, UK. HSBC Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island. It is also the largest foreign-owned bank in the country. The corporate headquarters is located in the financial district of Vancouver, British Columbia.

ING Direct Canada (ING Bank of Canada) was a direct retail bank headquartered in Toronto. It was acquired by Bank of Nova Scotia and rebranded to Tangerine in 2014.

Jameson Bank was a leading provider of integrated foreign exchange and payment solutions to small and medium sized businesses in Canada and the United States. In 2014, Jameson Bank was acquired by Associated Foreign Exchange (AFEX).

Laurentian Bank of Canada – A Schedule I chartered bank operating through a network of 215 service points and over 400 ATMs located primarily in Quebec. It also has 1 branch in Ottawa. The Bank provides a wide array of retail and commercial banking services to individuals and small and medium-sized businesses.

Manulife Bank of Canada – A wholly owned subsidiary of Manulife Financial Corporation. The Bank was established in 1993 and operates in all provinces and territories.

MBNA Canada – The largest MasterCard issuer in Canada. It is also the fourth largest credit card issuer in the country. MBNA operates as a division of The Toronto-Dominion Bank.

MonCana Bank of Canada was a Schedule I bank offering residential mortgages and deposit products. It was acquired by Canadian First Financial Group in 2013 and then sold to Home Capital Group in 2015.

National Bank of Canada – One of Canada’s leading integrated financial groups. National Bank won four awards for the quality of its customer service in the Ipsos 2015 Best Banking Awards in Canada. It also was named one of Canada’s Best 50 Corporate Citizens by Corporate Knights magazine.

Pacific & Western Bank of Canada – A Canadian Schedule I chartered bank specializing in deposit and lending services. The Bank is headquartered in London, Ontario, with its deposit operations based in Saskatoon, Saskatchewan and lending operations in Toronto, Waterloo, London, Saskatoon, and Vancouver.

Power Corporation of Canada (TSX: POW) – A diversified international management and holding company with interests in companies in the financial services, communications and other business sectors in Canada, the United States, and Europe.

President`s Choice Financial – A banking service provided by Loblaw Companies Ltd, the nation’s largest retailer. PC Financial was ranked by J.D. Power and Associates as the leader in customer satisfaction among mid-sized Canadian banks.

Royal Bank of Canada (RBC) – The largest bank in Canada by assets and market capitalization. As of January 30, 2017, RBC’s market capitalization was US$107 billion. It was named the second Safest Bank in North America by Global Finance in 2016.

Tangerine Bank (formerly ING Direct) – The direct banking subsidiary of Scotiabank. ING Bank of Canada (operating as ING Direct) was acquired by Scotiabank for $3.1 billion in 2012.

TD Canada Trust – A business line of Toronto-Dominion Bank.

Toronto Dominion Bank – The safest bank in North America according to Global Finance Magazine. It is also the second largest bank in Canada by assets, deposits and market capitalization. As of January 30, 2017, TD had a market value of US$96 billion.

Vancity, located in Vancouver, is Canada’s largest credit union with over 400,000 members and $19 billion in assets.

Zag Bank (formerly Bank West) – A direct bank offering a range of financial products and services through mobile and online applications.

 Top 10 Banks in Canada

 Total Assets (C$ billion)

Rank Bank Oct 31, 2016 2015 2014 2013 2012 2011
1 Royal Bank of Canada 1,180.26 1,074.21 940.550 859.745 825.100 793.833
2 Toronto-Dominion Bank 1,176.97 1,104.37 960.511 862.021 811.106 735.493
3 Bank of Nova Scotia 896.266 856.497 805.667 743.788 668.044 594.423
4 Bank of Montreal 687.935 641.881 588.659 537.299 525.449 500.575
5 Canadian Imperial Bank of Commerce 501.357 463.309 414.903 398.389 393.385 383.758
6 Desjardins Group 260.200* 248.128 229.387 212.005 196.818 190.182
7 National Bank of Canada 232.206 216.090 205.429 188.204 177.903 166.854
8 HSBC Bank Canada 95.174* 94.024 88.204 84.260 80.714 80.068
9 Laurentian Bank of Canada 43.006 39.660 34.849 33.926 34.937 28.963
10 Canadian Western Bank 25.223 22.839 20.609 18.520 16.873 14.849

* Data as of September 30, 2016.