Connect with us


Top Banks in Canada and How Much They Are Worth



Banks in Canada

The banking industry in Canada has been growing rapidly over the past few years. There are over 30 locally-owned banks here. However, not all of them get the spotlight, both locally and internationally.

Today, we will be introducing you to the top 5 banks. You may have heard about or come across some of them. Often, these giant institutions compete against each other, fluctuating based on a variation in crucial market indicators like earnings, total assets, and market capitalization.

Our list follows the market worth of each bank as per the 2021 financial year.

5. The Canadian Imperial Bank of Commerce – $20.02 Billion

A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio


The CIBC is one of the oldest banks in Canada. It was founded in 1867 and has been growing stronger over the years. Today, the bank enjoys over 1,100 branches and 3,400 ATMs, serving millions of Canadians.

CIBC offers banking, saving, borrowing, and wealth management services. It has been offering online banking services since 1995, perhaps one of the reasons for its largest network.

4. Bank of Montreal – $27.19 Billion

FILE PHOTO: A sign for the Bank of Montreal in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio

At number 4 is the BMO. This is another large financial institution with deep roots dating as early as 1817. It’s among the big six banks in Canada, with its headquarters in Montreal.

Currently, the bank serves over 12 million customers from across the world. With more than 200 years in business, you can expect some great products and services – including credit cards, mortgages, loans, investment platforms, and more.

3. Bank of Nova Scotia – $31.25 Billion

FILE PHOTO: A sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio

It’s hard to talk about the largest banks in Canada without mentioning Scotiabank. Established in 1932, this bank has grown to become a local icon, holding a position in the big six every year. It comes in third ahead of the Bank of Montreal.

Scotiabank offers a full range of banking services for businesses and individuals. It has spread its roots to other parts of the world, including the US and Mexico. As of today, it has over 90 000 employees with about $1.3 trillion in assets.

2. Toronto – Dominion Bank – $42.69 Billion

FILE PHOTO: Toronto-Dominion Bank (TD) logos are seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. REUTERS/Chris Wattie

Toronto Dominion, commonly known as TD bank, is currently the second-largest bank in Canada. Over 15 million customers have subscribed to its robust collection of products. It has been in business for many years, offering personal and business accounts for savings, credit cards, investments, and lending, among others.

TD Banks also has ATMs in every part of the country. And for those who prefer digital banking, you can use EasyWeb to access all its services.

1. Royal Bank of Canada – $ 49.69 Billion

At the top of the table is the Royal Bank of Canada (RBC). The bank was first incorporated in 1869, called the Merchants Bank of Halifax. It later changed its name to represent a wider region.

Today, RBC Banks is worth $49.69 Billion with operations in 29 countries. It offers a wide range of services, including savings/chequing accounts, credit cards, investment, mortgage, and wealth management. Apart from accessing these services via its 1,200 locations, you can use online banking for convenience.


U.S. economy and new incentives put Canada at disadvantage in Stellantis negotiations, professor says




Two weeks of negotiations between the federal and provincial governments and Stellantis have failed to produce a new deal for the NextStar EV battery plant in Windsor, Ont. Ian Lee, an associate professor at Carleton University’s Sprott School of Business, says the economic might of the U.S., coupled with the incentives offered in recent legislation, make it extremely challenging for Canada to compete.



Source link

Continue Reading


Watch Moody's Analytics' Ell on Asia Economy – Bloomberg



[unable to retrieve full-text content]

Watch Moody’s Analytics’ Ell on Asia Economy  Bloomberg


Source link

Continue Reading


Theo Argitis and Robert Asselin: Trudeau can't keep juicing the economy with more spending – Financial Post



World entering period of scarcity, meaning Canada won’t be able to spend its way to prosperity


Article content

The unexpected pick up in Canadian inflation last month — even if it turns out to be a blip — is a fresh reminder that Prime Minister Justin Trudeau’s government is facing a more perilous economic policy landscape going forward, with difficult trade-offs on the horizon.

Advertisement 2

Article content

The natural economic instinct of this government has been generous budget spending and open international migration.

Article content

Yet, Trudeau doesn’t need to look much further than Statistics Canada’s inflation numbers or last week’s call from the G7 for global “de-risking” to see how things are changing.

With the world entering a period of scarcity — from more expensive money to supply constraints — the rationale to juice the nation’s economy is weakening.

The housing crisis is a manifestation of that, as are broader price pressures and the Bank of Canada’s historically aggressive run of interest rate hikes.

Trudeau came to power in 2015 on an anti-austerity platform to reverse his Conservative predecessor’s sluggish growth record which, as the Liberals were quick to remind Canadians at the time, was the weakest since R.B. Bennet was prime minister in the 1930s.

Article content

Advertisement 3

Article content

The economics were sound at the time, even if the growth dividend didn’t pay off.

Canada’s economy was demand deficient early in Trudeau’s mandate as commodity prices slumped, while the extra spending helped ease financial stability risks by taking some pressure off the Bank of Canada to stoke growth.

Higher international migration drove gains in labour income and provided support to a housing market that was still largely within reach of affordability. Inflation wasn’t a worry. In fact, the concern for policymakers was it may not have been high enough.

New social programs, meanwhile, allowed the government to make significant strides on equality and redistribution — particularly with respect to lowering poverty.

Advertisement 4

Article content

The Trudeau administration’s weighty policy objectives were synergetic to the economic environment. Policies were rowing more or less in the same direction.

The current post-pandemic environment, though, is no longer as accommodating.

While many policymakers and economists still buy into a moderately optimistic outlook, with continued growth and inflation brought into check, less favourable outcomes are increasingly plausible.

There is a real possibility that inflation and interest rates will remain well above pre-pandemic levels, growth becomes more anemic, budget dynamics worsen and the climate transition proves costly.

Instead of working in concert, the government’s three core economic policy objectives — growth, equity and price stability — could become increasingly in conflict.

Advertisement 5

Article content

For example, increasing immigration is a long-term positive for an economy threatened by aging demographics. And more social spending is typically associated with less inequality.

But higher borrowing costs stoked by large increases in population and government spending will impact disproportionately lower income Canadians and young families, potentially creating divisions and threatening new sorts of inequality.

Add energy transition to the mix and national security issues and the landscape becomes a minefield.

The policy arena will be more ambiguous and the government pulled in multiple directions. Policy paralysis, wasted effort and poor allocation of resources are real risks.

There are certain fundamentals and policy guardrails, however, that can help the government navigate this challenge.

Advertisement 6

Article content

A construction worker frames a new home in London, Ont.
Temporarily slowing the pace of entrants to allow housing supply to catch up could be a good solution to the current housing crisis. Photo by Mike Hensen/The London Free Press/Postmedia Network

First, policymakers should prioritize growing GDP on a per capita basis and increasing productivity over expanding the overall aggregate economy. Both are important, but the former is where true prosperity lies and where Canada is failing. Masking underlying weakness with gains in national income is just a recipe for stagnant wages. Enhanced productivity also helps dampen inflationary pressures.

Second, toolkits and policy precision matter.

For example, supply side solutions are critical to productivity, but policymakers also need to be cognizant of short-term impacts in an inflationary world. Focusing more on economic migration and temporarily slowing the pace of new entrants to allow housing supply to catch up appears a reasonable solution to the current housing crisis.

Advertisement 7

Article content

Another example is industrial policy, which needs to become more sophisticated. Advanced economies will compete in advanced industries, where there is a concentration of R&D and skilled workers. Quick fixes through corporate subsidies, however, are not the answer. Canada needs a modern science and technology architecture that translates ideas into economic outputs, higher wages and better living standards.

The third guardrail is the most Canadian: be reasonable and pragmatic.

This seems obvious but we should not take this principle for granted, particularly as we rush (rightly) to meet ambitious climate targets. Canada remains a resource economy. The sector pays a lot of bills, keeps our currency stable and government finances flush with cash.

  1. Canadians buy a lot of stuff from China, but our businesses have struggled to benefit and there’s little cross-border investment.

    Canada has plenty of leverage as China relations sour

  2. An oil pump jack in a field near Calgary. Alberta’s oil and gas sector is Canada's second largest regional industry behind only Ontario’s real estate sector.

    Climate plan doubts could speed up Canada election timing

  3. PSAC strikers' picket signs demanding fare wages on Friday, April 28, in Victoria, B.C.

    PSAC strike over, but workers’ fight with inflation already lost

It’s also where any global power we may have as a nation lies. That makes an orderly climate transition paramount.

Theo Argitis is managing partner at Compass Rose Group. Robert Asselin is senior vice-president, policy at the Business Council of Canada.


Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

Join the Conversation

Adblock test (Why?)


Source link

Continue Reading