Updated July 29, 2023
Overview of Banks in Canada
The Canadian Banks are classified according to their ownership as domestic banks, branches of foreign banks, or subsidiaries of foreign banks. Twenty-Nine domestic banks, Twenty-Four foreign bank subsidiaries, Twenty-Seven full-service foreign bank branches, and three foreign bank lending branches in Canada. The outlook for Canada’s banking system is not positive because there is an expectation of reduction from the government’s support for most domestic banks, as per Moody’s data.
The banking system in Canadian is a conservative type of system that consists of majorly 5 categories, and they are as follows:
- Chartered banks
- Cooperative credit movement
- Securities dealers
- Trust and loan companies
- (LIC) Life insurance companies
As per the statistical data available (2017), around C$ 4.6 trillion of assets are being managed by the banks or the financial institutions of Canada, and those banks manage around Seventy percent of these assets. Around ninety percent of the banking assets in Canada are controlled or are owned by the top 6 banks.
List of Top 10 Banks in Canada
Here is a list of the top 10 Banks which are currently operating in Canada:
1. Bank of Montreal
Bank of Montreal was founded in 1817 and is one of the five largest banks in Canada. It provides several services like wealth management, retail banking, and investment banking services and products. Its headquarter is situated in Montreal, Quebec. It has handled around C$774.05 billion of the total assets. Bank of Montreal generated revenue of around C$22.38 billion in the year 2018. In the same year, the net income of the Bank of Montreal was around C$5.45 billion. It employs around 45,234 employees.
2. Bank of Nova Scotia
Bank of Nova Scotia was founded in 1832, and its headquarters is in Toronto, Ontario. Bank of Nova Scotia is the 3rd largest bank in terms of asset control. The bank provides wealth management, personal and commercial banking, and corporate and investment banking services. It has handled around C$998.49 billion of the total assets. Bank of Nova Scotia generated revenue of around C$26.16 billion in the year 2018. In the same year, the net income of the Bank of Nova Scotia was around C$8.55 billion. It employs around 89,214 employees.
3. Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce was founded in 1867, and its headquarters is in Toronto. Canadian Imperial Bank of Commerce is the 5th largest bank in terms of asset control. The bank provides services such as Wealth Management, Retail and Business Banking, and Capital Markets, its core three strategic services. It has handled around C$597.01 billion of the total assets. Canadian Imperial Bank of Commerce generated revenue of around C$16.96 billion in the year 2018. In the same year, the net income of the Canadian Imperial Bank of Commerce was around C$5.27 billion. It employs around 43,213 employees.
4. Toronto-Dominion Bank
Toronto-Dominion Bank was founded in 1955, and its headquarters is in Toronto-Dominion Centre, Toronto, Ontario. Toronto-Dominion Bank is the largest bank in terms of asset control. The bank provides personal and commercial banking services and products in Canada, the U.S.A, and many other countries. It has handled around C$1,334.90 billion of the total assets. Toronto-Dominion Bank generated revenue of around C$36.35 billion in the year 2018. In the same year, the net income of Toronto-Dominion Bank was around C$11.26 billion. It employs about 79,000 employees.
5. Royal Bank of Canada (RBC)
Royal Bank of Canada was founded in 1864, and its headquarters is in Toronto. Royal Bank of Canada is the 2nd largest bank in terms of asset control. Royal Bank of Canada provides services through 5 different segments, which include 1) Personal and Commercial Banking, 2) Insurance, 3) Wealth Management, 4) Capital Markets Investor, and 5) Treasury Services. It has handled around C$1,334.73 billion of the total assets. Royal Bank of Canada generated revenue of around C$41.27 billion in 2018. In the same year, the net income of the Royal Bank of Canada was around C$12.40 billion. It employs around 78,000 employees.
6. National Bank of Canada
The National Bank of Canada was established in 1859, and its headquarters is in Montreal, Quebec. National Bank of Canada has taken the 7th spot regarding asset control. National Bank of Canada provides services like personal banking, insurance, commercial banking, and payment solutions and services. It has handled around C$262.47 billion of the total assets. The National Bank of Canada generated revenue of around C$6.84 billion in the year 2018. In the same year, the net income of the National Bank of Canada was around C$2.15 billion. It employs around 22,000 employees.
7. Desjardins Group
Desjardins Group was established in 1900, and its headquarters is in Levis, Quebec. Desjardins Group is the largest of the cooperative group banks. It operates through 4 major business segments, which are 1) Property and Casualty Insurance, 2) Wealth Management, 3) Life and Health Insurance, and 4) Personal Services and Business Services. It has handled around C$275.10 billion of the total assets. Desjardins Group generated an operating income of around C$15,413 million in 2017. In the same year, the net income of Desjardins Group was around C$2,151 million. It employs around 47,655 employees.
8. HSBC Bank of Canada
HSBC Bank of Canada was established in 1981, and its headquarters is in Vancouver. HSBC Bank of Canada has taken the 8th spot regarding asset control. It operates through 3 major business segments:
- Commercial Banking
- Retail Banking and Wealth Management
- Global Banking and Markets.
It has handled around C$95.810 billion of the total assets. It employs around 6,000 employees.
9. Canadian Western Bank
Canadian Western Bank was established in 1988, and its headquarters is in Edmonton. Canadian Western Bank has taken the 10th spot in asset controlling, representing Canada’s only Schedule One bank specializing in mid-market commercial banking. It has handled around C$29,021.46 million of the total assets. Canadian Western Bank generated revenue of around C$755.10 million in the year 2018. In the same year, the net income of the Canadian Western Bank was around C$263.51 million. It employs around 2,000 employees.
10. Laurentian Bank of Canada
It was established in 1846, and its headquarter is situated in Montreal. Laurentian Bank of Canada has taken the 9th spot regarding asset control. This bank serves individuals, SME-sized enterprises, and also independent advisors. It offers several services and products like investment products, including mutual funds, indexed investments, registered plans, systematic savings plans, retirement projection plans, and guaranteed investment certificates. It has handled around C$45.89 billion of the total assets. Laurentian Bank of Canada generated revenue of around C$0.99 billion in the year 2018. In the same year, the net income of the Laurentian Bank of Canada was around C$0.224 billion. It employs around 3,600 employees.
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This has been a guide to Banks in Canada. Here we have discussed the 10 topmost banks in Canada with their financial structure. You may also look at the following articles –
