Canada is home to a robust and highly-regulated banking industry that serves the financial needs of millions of Canadians. The banking system is made up of a mix of domestic and international banks, all offering a range of services and products to consumers and businesses alike.
In this article, we will be discussing the top 12 banks in Canada, based on their total assets and market capitalization. These banks have a significant presence in the country’s financial landscape and play a vital role in shaping Canada’s economic growth and stability.
The banking system in Canada has been facing a critical scenario due to the decline of government support and aid. Moody’s Investors Service reported a negative outlook for Canadian banks in 2017, highlighting the challenges faced by the banking sector.
The government’s approach towards the banking system has been further complicated by the issue of mortgage debt, which has doubled in the last decade. The rising unemployment rate and interest rate have only added to the problem.
Despite these challenges, Canadian banks have managed to perform relatively well. In fact, these highly-rated banks are often compared with the best banks in the world, reflecting the strength and resilience of the Canadian banking system.
1. Bank of Montreal
Founded in 1817, Bank of Montreal (BMO) is one of the oldest banks in Canada. It is known for its extensive branch network and innovative products and services. BMO offers a range of banking, investment, and wealth management services to individuals, businesses, and organizations. Its unique features include a comprehensive rewards program, BMO Rewards, and an AI-powered virtual assistant, BMO Bolt.
In addition to its extensive branch network and innovative products and services, Bank of Montreal (BMO) is also known for its commitment to social responsibility. BMO has a strong focus on environmental sustainability and has implemented several initiatives to reduce its carbon footprint, including the use of renewable energy sources and sustainable building designs.
BMO also supports community development through various programs and initiatives, including the BMO Financial Group Indigenous Banking Unit, which provides financial services to Indigenous communities across Canada.
2. Bank of Nova Scotia
Also known as Scotiabank, Bank of Nova Scotia is one of the Big Five banks in Canada. It has a strong international presence, serving customers in over 50 countries. Scotiabank’s unique features include its SCENE rewards program, which offers discounts on movie tickets, and its digital banking platform, ScotiaConnect, which allows businesses to manage their finances online.
In addition to its SCENE rewards program and ScotiaConnect digital banking platform, Scotiabank also offers a range of financial products and services such as personal and business banking, investment services, credit cards, and loans.
Scotiabank has over 1,000 branches and 3,700 ATMs across Canada, making it easily accessible for customers. The bank has also been recognized for its commitment to sustainability and social responsibility, earning a spot on the Dow Jones Sustainability Index for North America for seven consecutive years.
3. Canadian Imperial Bank of Commerce (CIBC)
Founded in 1867, CIBC is one of the oldest and largest banks in Canada. It offers a wide range of financial products and services, including banking, investing, and borrowing solutions.
CIBC’s unique features include its Aventura rewards program, which offers travel perks and benefits, and its CIBC Mobile Banking app, which allows customers to manage their finances on the go.
In addition to its core banking and investment offerings, CIBC also has a strong presence in the mortgage and lending market in Canada. The bank has been recognized for its commitment to corporate social responsibility, including initiatives to support Indigenous communities and reduce its environmental footprint.
4. Toronto-Dominion Bank
Commonly known as TD Bank, Toronto-Dominion Bank is one of the largest banks in Canada, with a significant presence in the United States. It offers a range of banking, investment, and insurance products and services to individuals, businesses, and institutions.
TD Bank’s unique features include its TD Rewards program, which offers exclusive benefits and rewards, and its TD MySpend app, which helps customers track their spending.
5. Royal Bank of Canada (RBC)
Founded in 1864, RBC is one of the largest banks in Canada, with operations in over 30 countries. It offers a range of banking, investment, and insurance solutions to individuals, businesses, and institutions.
RBC’s unique features include its Avion rewards program, which offers travel benefits and perks, and its RBC Virtual Visa Debit, which allows customers to shop online without a credit card.
6. National Bank of Canada
Founded in 1859, National Bank of Canada is the sixth-largest bank in Canada, with a strong presence in Quebec. It offers a range of financial products and services, including banking, wealth management, and insurance solutions.
National Bank’s unique features include its Altitude rewards program, which offers travel and lifestyle benefits, and its NBC Mobile Banking app, which allows customers to access their accounts on the go.
7. Desjardins Group
Founded in 1900, Desjardins Group is a cooperative financial group that serves over 7 million members and clients in Canada. It offers a range of banking, insurance, and wealth management solutions to individuals, businesses, and organizations.
Desjardins Group’s unique features include its Cashback rewards program, which offers cash back on purchases, and its Virtual Assistant, which provides personalized financial advice.
8. HSBC Bank of Canada
HSBC Bank of Canada is a subsidiary of HSBC Holdings, a multinational banking and financial services company based in London, UK. HSBC Bank of Canada offers a range of financial products and services, including banking, wealth management, and commercial banking solutions.
Its unique features include its Premier rewards program, which offers exclusive benefits and rewards, and its Global View and Global Transfer service, which allows customers to manage their accounts across countries.
9. Canadian Western Bank
Based in Edmonton, Alberta, Canadian Western Bank (CWB) is a regional bank that focuses on serving small and medium-sized businesses and individuals across Western Canada.
CWB offers a range of banking and financial services, including personal and business banking, commercial lending, and wealth management solutions. The bank is known for its personalized approach to customer service and has won several awards for its innovative and customer-centric approach to banking.
10. Laurentian Bank of Canada
Founded in 1846, Laurentian Bank of Canada is one of the oldest banks in Canada. The bank is headquartered in Montreal, Quebec, and operates in three main business segments: personal and commercial banking, wealth management, and business-to-business (B2B) banking services.
Laurentian Bank of Canada is known for its commitment to social responsibility and sustainable business practices. It has received several awards for its environmental and social initiatives.
11. Tangerine Bank
Formerly known as ING Direct Canada, Tangerine Bank is a digital bank that offers a range of banking and financial services, including savings and chequing accounts, mortgages, loans, and investment products.
Tangerine Bank has no brick-and-mortar branches and operates entirely online, making it an attractive option for tech-savvy customers who prefer to manage their finances digitally. The bank is known for its user-friendly online platform and competitive interest rates.
12. ATB Financial
ATB Financial is a government-owned financial institution headquartered in Edmonton, Alberta, and is one of Canada’s largest regional banks. Founded in 1938, ATB Financial operates more than 175 branches and over 300 ATMs across Alberta, offering a range of financial products and services, including personal banking, business banking, and investment solutions.
With a focus on innovation and customer service, ATB Financial has established itself as a leading player in the Canadian banking industry, and is committed to supporting the financial needs of Albertans and contributing to the growth of the region’s economy.
Tips about Banking in Canada
- Choose the right bank: Research different banks and their services before choosing one. Look for a bank that offers the services you need at a reasonable cost.
- Understand fees: Banks in Canada charge various fees for different services. Be sure to read the fine print and understand the fees associated with your account and services.
- Use digital banking: Most Canadian banks offer online and mobile banking services that allow you to manage your account and transactions digitally. This can save you time and money compared to visiting a physical branch.
- Protect your personal information: Banks in Canada are required to follow strict privacy laws. Protect your personal information by using strong passwords, avoiding public Wi-Fi when accessing your account, and being cautious about phishing scams.
- Consider credit unions: Credit unions are not-for-profit financial institutions that offer many of the same services as banks. They often have lower fees and may offer better interest rates on loans and savings accounts.
- Build your credit score: Your credit score is an important factor when applying for loans and credit cards. Pay your bills on time, keep your credit utilization low, and check your credit report regularly to ensure it is accurate.
- Know your rights: As a banking customer in Canada, you have certain rights and protections under federal and provincial laws. Be aware of these rights and seek assistance if you feel they have been violated.
Video: Top 5 banks in Canada | Quick Overview Biggest Canadian Banks
In this video, we take a closer look at the top 5 banks in Canada. We examine their total assets, global presence, and market capitalization to determine their ranking. Additionally, we explore the financial products and services offered, area of operation, number of employees, and history of these banks.
By the end of this video, you’ll have a comprehensive understanding of the largest and most influential banks in Canada. Whether you’re a banking professional, investor, or simply interested in the Canadian banking system, this video is sure to provide valuable insights.
Frequently Asked Questions
1. What makes these banks the Top 12 in Canada?
These banks are considered the Top 12 in Canada based on various factors such as their total assets, global presence, market capitalization, and financial products and services offered.
2. Are these banks safe to use?
Yes, these banks are safe to use as they are all regulated and supervised by the Canadian government, and are required to follow strict guidelines and regulations to ensure the safety of their customers’ funds.
3. What types of accounts do these banks offer?
These banks offer a range of accounts including chequing accounts, savings accounts, investment accounts, credit cards, mortgages, loans, and lines of credit.
4. Do these banks offer online banking services?
Yes, all of these banks offer online banking services which allow customers to manage their accounts, view their transactions, and perform various other banking tasks from their computer or mobile device.
5. How many employees do these banks have?
The number of employees varies by bank, but collectively, these banks employ hundreds of thousands of people across Canada.
6. Can I open an account with these banks if I am not a Canadian citizen?
It depends on the bank and their specific account requirements. Some banks may require you to have a Canadian address and identification, while others may offer accounts for non-residents or non-citizens.
7. How can I compare these banks and their services to choose the best one for me?
You can compare these banks and their services by researching their fees, interest rates, account features, and customer reviews. It may also be helpful to visit their websites or speak with a representative to get a better understanding of their offerings.
8. What are the requirements to apply for a loan with one of the Top 12 Banks in Canada?
The requirements to apply for a loan with one of the Top 12 Banks in Canada vary depending on the type of loan and the bank’s policies. Generally, you’ll need to provide personal and financial information, proof of income, and a credit check.
In conclusion, the Top 12 Banks in Canada represent a diverse and dynamic sector of the Canadian economy. With their extensive range of services and products, these banks are well-equipped to serve the financial needs of individuals, businesses, and communities across the country.
As we continue to navigate an uncertain economic climate, the stability and strength of Canada’s banking industry will remain an essential pillar of our society.
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