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
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
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
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
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.
