List of Banks in Canada

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

Canada’s banking system includes Schedule I banks (domestic banks), Schedule II banks (foreign bank subsidiaries) and Schedule III banks (branches of foreign banks). With over 280,000 employees, Canadian banks operate through a network of more than 6,300 branches and about 19,000 ATMs across the country. The total number of Visa and MasterCard cards in circulation in Canada amounted to approximately 70 million in 2017.

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 U.S. 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 – Canada’s third largest lender by deposits, assets and market value. As of May 10, 2018, Scotiabank had a market capitalization of US$75 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 is the only bank exclusively dedicated to entrepreneurs. BDC provides business loans, venture capital and consulting services through a network of about 120 business centers across the country.

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 1,080 branches and offices and 3,800 ATMs across Canada. It was named Best Treasury & Cash Management Bank in Canada by Global Finance. As of December 1, 2017, CIBC had a market capitalization of US$42 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 offers a range of credit cards in Canada.

Citi 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.

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

Churchill International Property Corp – A real estate company with a focus on commercial real estate properties in Canada.

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

Credit Suisse Securities (Canada), Inc

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

Deutsche Bank Securities Ltd

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.

Exchange Bank of Canada (EBC) – The only foreign currency exchange specialist Schedule 1 Bank in the country.

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

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

HomEquity Bank – The leading national reverse mortgage provider. It originates the largest portfolio of reverse mortgages in Canada, under the CHIP Reverse Mortgage and Income Advantage brands. The Bank is owned by Birch Hill Equity Partners.

HSBC Bank Canada – 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. It was acquired by Associated Foreign Exchange (AFEX) in 2014.

Laurentian Bank of Canada – A Schedule I chartered bank operating through a network of over 100 retail branches and nearly 400 ATMs located primarily in Quebec. It 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 – One of the leading credit card issuers in Canada. The company 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.

National Bank of Canada – One of the leading integrated financial groups. It ranks among Canada's best diversity employers.

Power Corporation of Canada (TSX: POW) – A diversified holding company with interests in financial sector, communications and other business segments in North America, Asia 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 market capitalization and the second safest bank in North America according to Global Finance. As of May 17, 2018, RBC had a market capitalization of US$112.7 billion.

Street Capital Bank of Canada – A Schedule I bank providing deposit and residential mortgage products.

Tangerine Bank (formerly ING Bank of Canada Inc) – The direct banking subsidiary of The Bank of Nova Scotia. Tangerine ranks "Highest in Customer Satisfaction among Midsized Retail Banks" according to J.D. Power.

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 largest bank in Canada by assets and deposits. As of June 30, 2017, TD had a market value of US$93 billion.

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

Vancity Community Investment Bank (formerly Citizens Bank of Canada) – An internet bank owned by Vancouver City Savings Credit Union. It focuses on Visa credit and prepaid cards, foreign exchange and commercial lending.

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

Wealth One Bank of Canada (WOBC) – A Schedule I bank with a focus on providing services to Chinese Canadians.

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

See also: Best Banks in Canada, Best Student Credit Cards

Top 10 Banks in Canada

 Total Assets (C$ billion)

Rank Bank Oct 31, 2017 2016 2015 2014 2013 2012 2011
1 Toronto-Dominion Bank 1,279.00 1,176.97 1,104.37 960.511 862.021 811.106 735.493
2 Royal Bank of Canada 1,212.85 1,180.26 1,074.21 940.550 859.745 825.100 793.833
3 Bank of Nova Scotia 915.273 896.266 856.497 805.667 743.788 668.044 594.423
4 Bank of Montreal 709.580 687.935 641.881 588.659 537.299 525.449 500.575
5 Canadian Imperial Bank of Commerce 565.264 501.357 463.309 414.903 398.389 393.385 383.758
6 Desjardins Group 276.310 258.367 248.128 229.387 212.005 196.818 190.182
7 National Bank of Canada 245.827 232.206 216.090 205.429 188.204 177.903 166.854
8 HSBC Bank Canada 93.234 94.567 94.024 88.204 84.260 80.714 80.068
9 Laurentian Bank of Canada 46.683 43.006 39.660 34.849 33.926 34.937 28.963
10 Canadian Western Bank 26.447 25.223 22.839 20.609 18.520 16.873 14.849

Subsidiaries of Foreign Banks

AMEX Bank of Canada
Bank of China (Canada)
Bank One Canada (in liquidation)
BofA Canada Bank
Cidel Bank Canada
Citco Bank Canada
Citibank Canada
CTBC Bank Corp (Canada)
Habib Canadian Bank
HSBC Bank Canada
ICICI Bank Canada
Industrial & Commercial Bank of China (Canada)
J.P. Morgan Bank Canada
KEB Hana Bank Canada
Mega International Commercial Bank (Canada)
SBI Canada Bank
Shinhan Bank Canada
Societe Generale Canada
UBS Bank (Canada)
Walmart Canada Bank

Foreign Banks (Full Service Branches)

Bank of America, N.A.
Bank of China Limited
Bank of New York Mellon
Bank of Tokyo-Mitsubishi UFJ
Barclays Bank PLC (Canada Branch)
BNP Paribas
Capital One Bank (USA), N.A.
China Construction Bank (Toronto Branch)
Citibank, N.A.
Comerica Bank
Cooperatieve Rabobank U.A.
Deutsche Bank AG, Canada Branch
Fifth Third Bank
First Commercial Bank
JPMorgan Chase Bank, N.A.
M&T Bank
Maple Bank GmbH
Mega International Commercial Bank Co., Ltd.
Mizuho Bank, Ltd.
Northern Trust Company
PNC Bank, National Association
Société Générale (Canada Branch)
State Street Bank and Trust Company
Sumitomo Mitsui Banking Corporation
U.S. Bank National Association
UBS AG (Canada Branch)
United Overseas Bank Limited
Wells Fargo Bank, N.A.

Foreign Banks (only lending)

Crédit Agricole Corporate and Investment Bank
Credit Suisse AG
MUFG Union Bank, N.A.