Top Banks in Canada

Banking is the most vital industries, with numerous banks being amongst its largest and most profitable companies.

Author: Matthew Retzloff
Matthew Retzloff
Matthew Retzloff
Investment Banking | Corporate Development

Matthew started his finance career working as an investment banking analyst for Falcon Capital Partners, a healthcare IT boutique, before moving on to work for Raymond James Financial, Inc in their specialty finance coverage group in Atlanta. Matthew then started in a role in corporate development at Babcock & Wilcox before moving to a corporate development associate role with Caesars Entertainment Corporation where he currently is. Matthew provides support to Caesars' M&A processes including evaluating inbound teasers/CIMs to identify possible acquisition targets, due diligence, constructing financial models, corporate valuation, and interacting with potential acquisition targets.

Matthew has a Bachelor of Science in Accounting and Business Administration and a Bachelor of Arts in German from University of North Carolina.

Reviewed By: Adin Lykken
Adin Lykken
Adin Lykken
Consulting | Private Equity

Currently, Adin is an associate at Berkshire Partners, an $16B middle-market private equity fund. Prior to joining Berkshire Partners, Adin worked for just over three years at The Boston Consulting Group as an associate and consultant and previously interned for the Federal Reserve Board and the U.S. Senate.

Adin graduated from Yale University, Magna Cum Claude, with a Bachelor of Arts Degree in Economics.

Last Updated:January 11, 2023

Banking in Canada is one of its most vital industries, with numerous banks being amongst its largest and most profitable companies.

It is ruled with the aid of using a small range of huge banks, with the six biggest combining for 90% of the marketplace share. 

The two biggest, the Royal Bank of Canada and the Toronto Dominion Bank, are among the world's 25 biggest banks. 

It is considered one of the most secure and soundest banking structures in the world and averted fundamental troubles during the Financial crisis of 2007–2008. 

Banks here consist of 29 home banks, 24 overseas financial institution subsidiaries, 27 full-provider overseas financial institution branches, and three overseas financial institution lending branches.

The Canadian banking system consists of 5 main categories:

  • Chartered banks
  • Trust and loan companies
  • Cooperative credit movement
  • Life insurance companies
  • Securities dealers

Anyone who wants to start a career in the banking sector should consider this list.

The Canadian banking sector is considered one of the safest in the world. And the 3 top banks in the country are one of the biggest 25 Banks in the world (TD Bank and RBC).

Canadian economy

The Canadian economy is one of the strongest and most stable in the world. 

The country adopts a market-oriented economic structure that blends private enterprises with governmental regulations, in addition to sharing similar patterns of production and living standards.

In fact, its manufacturing, mining, and service industries have grown dramatically since the Second World War, transforming the country's economy from mostly rural to one of the most industrialized and urbanized in the world.

The economic development has been so strong and steady in terms of GDP that it is currently the 10th largest economy in the world. Its core sector, especially the timber and oil industries, is one of the most significant components of the economy.

It is distinguished from most of its contemporaries by having an advanced economy. 

With affordable labor costs, an extensive healthcare system, and a social security system, the manufacturing sector is also quite significant, especially the automobile industry. 

Major automakers from the US and Japan have established their production sites in the country due to these factors.

The G7 group of advanced industrial nations includes Canada, which benefits from high quality of living, first-rate public infrastructure, a highly educated and skilled labor force, a top-notch educational system, and a well-earned reputation as a prosperous trading nation.

It takes pleasure to access top-notch social services, most notably the Medicare public health insurance program. 

It is renowned for its social fairness, tolerance, and respect for human rights. It has a solid track record of fighting injustice and discrimination abroad. 

The Canadian Charter of Rights and Freedoms has a constitutional guarantee of respect for human rights and individual freedom.

Top Banks in Canada

The details of the leading banks are as follows


Toronto-Dominion Bank, known as TD Bank, is a global Canadian bank with its main office in Toronto, Ontario. 

TD Bank was originally two financial (Toronto bank & dominion bank) institutions that were merged on February 1, 1955. 

According to Standard & Poor's, the TD Bank Group ranked amongst the top 10 banks in North America, the 23rd largest bank in the world, and Canada's largest in terms of assets and market capitalization in 2021.

The Financial Stability Board classified it in 2019. They serve more than 26 million clients around the world through their subsidiaries. 

Canadian banks serve over 11 million customers via more than 1,091 branches within the TD Canada Trust division.

The business is represented in the US by TD Bank, a division created through the union of Commerce Bank and TD Bank-North.

They serve 6.5 million customers in the US with over 1200 branches scattered in 16 states.

Total Assets: CAD 1.74 Trillion || 2021


The RBC is the country's largest bank in market capitalization and an international provider of financial services.

The bank serves more than 16 million customers and employs more than 86,000 globally. The corporation has offices in Toronto and Montreal and was established in Halifax, Nova Scotia, in 1864. 

The RBC was listed as a significant bank in the global financial system by the Financial Stability Board in November 2017.

Approximately 10 million customers are served by the bank's retail and business banking operations through a network of more than 1,200 branches under the names RBC Royal Bank in English and RBC Banque Royale in French.

Only Canadian tourists and foreigners are now eligible for cross-border banking services provided by RBC Bank. This US banking company formerly managed 439 branches in six states in the Southeast.

Seventy-nine branches are run by City National Bank, another RBC US subsidiary, in 11 US states. More than 16 million customers are served by RBC's 127 offices across 17 Caribbean nations. 

The investment agency firm is known as RBC Dominion Securities, and RBC Capital Markets is the Global Investment and Corporate Banking Division of RBC. 

RBC Bank also offers investment banking services, emphasizing mid-market clientele.

Total Assets: CAD 1.67 Trillion || 2021


Toronto, Ontario-based Bank of Nova Scotia, also known as Scotiabank, is a multinational Canadian banking and financial firm. 

The 3rd largest bank in the country in terms of deposits and market capitalization, it is one of the Big Five banks in the country.

We provide a comprehensive range of goods and services, such as personal and corporate banking, wealth management, corporate banking, and investment banking, to more than 25 million customers globally. 

The Toronto and New York Stock Exchanges are where Scotiabank trades, with over 92,000 workers.

Before moving its headquarters to Toronto in 1900, Scotiabank was established in Halifax, Nova Scotia, in 1832. Because it was mostly acquired in Latin America and the Caribbean, Scotiabank touts itself as "Canada's most international bank."

One of the 15 certification agencies taking part in the London Gold Fix is Scotiabank, a member of the London Bullion Market Association. This was carried out between 1997 and 2019 by the ScotiaMocatta precious metals section.

Total Assets: CAD 1.16 Trillion || 2021


The Bank of Montreal is an international investment bank and provider of financial services. 

The bank was established in Montreal, Quebec, as Montreal Bank in 1817; while its operating headquarters and executive offices are still there, they have been moved to Toronto, Ontario, since 1977.

It is one of the Big Five Canadian banks, ranking fourth in market capitalization and assets and among the top ten banks in North America. 

On the Toronto Stock Exchange and the New York Stock Exchange, it is frequently referred to by the ticker sign BMO. It managed assets worth CA$973.2 billion as of October 2021.

Total Assets: CAD 973.2 Billion || 2021


The Canadian Imperial Bank of Commerce is an international banking and financial services company with its main office in CIBC Square in Toronto, Ontario's Financial District. It is one of the top 5 banks in the country.

The bank is divided into multiple business sections: 

  • Capital Markets
  • Commercial Banking
  • Wealth Management 
  • Retail Banking 

It operates internationally in the US, the Caribbean, Asia, and the UK. 

CIBC provides services for over 7 million customers with a team of more than 40 000 employees.

Total Assets: CAD 782.9 Billion || 2021


The largest association of credit unions in North America is the Desjardins Group. Alphonse Desjardins established in 1900 in Lévis, Quebec.

While the majority of the executive management, including the CEO, is situated in Montreal, the company's legal headquarters are still in Lévis.

Desjardins Group has more than 7 million customers who are scattered between the provinces of Quebec and Ontario.

In addition to retail banking, the group's more than twenty companies provide goods and services in brokerage, venture capital funds, insurance, and real estate.

Through its subsidiary international Desjardins, the Desjardins Group is also active in more than 30 developing nations through various investments and technical aid initiatives.

Total Assets: CAD 377 Billion || 2021


National Bank is one of the top banks. 

With approximately 2.4 million individual clients, it operates branches in the majority of Canadian provinces and is headquartered in Montreal. 

The second-biggest financial organization in the province after Desjardins credit union is National Bank, which is the biggest bank in Quebec.

Total Assets: CAD 343.6 Billion || 2021


The Canadian arm of the British multinational banking and financial services corporation HSBC is called HSBC Bank Canada, known initially as the Hongkong Bank of Canada (HBC). 

They are the largest foreign-owned bank in the nation and have offices in every province except Prince Edward Island. 

In Vancouver, British Columbia's financial area, the company offices are housed in the HSBC Canada Building.

Total Assets: CAD 115 Billion || 2021


A Canadian bank that operates mainly in the province of Quebec and has branches and offices in Alberta, Ontario, & British Columbia. Their shares are publicly available on the Toronto and New York stock exchanges.

Total Assets: CAD 45.2 Billion || 2021


A Canadian bank headquartered in Edmonton, Alberta, is known as Canadian Western Bank or CWB Financial Group. 

The bank offers services to customers in other provinces as well as Western Canada.

Ten banking, lending, wealth management, and trust organizations make up the CWB Financial Group. On virtually an equal basis, BC, Alberta, and Ontario are represented in their loan book.

Total Assets: CAD 35.3 Billion || 2021

Authored & Researched by Ahmed Makki | Linkedin

Reviewed and Edited by Sakshi Uradi | LinkedIn

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