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Five Largest Banks in Canada

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The banking system within Canada is extremely conservative and has more rules than the States when it comes to governing leverage. The majority of the financial sector is controlled by federal agencies but they may also have extra governing regulations by provincial and federal jurisdiction. The whole Canadian banking systems are split into five categories which are loan and trust companies, life insurance, security dealers and chartered banks. Altogether the banking institutions in Canada have over C$4.6 trillion assets to manage. Automated banking machines are used on a regular basis by almost 26% of residents and their banking technology is very advanced in comparison to many other banking systems in the world. The 5 biggest banks in Canada are as follows:

A small intro about banking system of Canada. In each point below, explain when the bank was founded, how many customers it has, what is its revenue, where is its headquarters, how many employs it has, what are its key things, etc.

  1. RBC (Royal Bank of Canada)
  2. The royal bank of Canada is the biggest of the Canadian banks serving more than $16 million customers. They are a multinational bank and they offer a number of financial services through their 80,000 employees around the world. They have headquarters in Montreal, Ontario, Toronto and Quebec and have made it to the list of important banks in the Financial Stability Board. RBC services include banking for retail, corporate, investments and private banking as well as offering customers money management advice, insurance, finance, credit cards and mortgages. In 2016 their revenue was $35.28 billion.

  3. TD (Toronto-Dominion Bank)
  4. TD, which stands for The Toronto-Dominion Bank has headquarters in Toronto and operates as the TD Bank Group. By assets the bank comes second to the RBC in Canada and worldwide the 26th. TD has more than 85,000 employees who serve 22 million customers all over the world from 1,150 branches. Financial services offered by TD are investment management, vehicle finance, commercial and personal banking, insurance services and products, merchant credit card processing services, investment banking, money advice, and credit card services. The bank was founded in 1955 and has revenue of C$29.9.

  5. Scotia Bank (Bank of Nova Scotia)
  6. The third largest bank in Canada is The Scotia Bank serving 50 countries worldwide with over 24 million customers. The Scotia Bank headquarters are based in Toronto, Canada but they have over 88,000 employees worldwide. The bank was founded in 1832 and have grown immensely having a revenue in 2016 of C$26.049 billion and assets of $915 billion as of October 2017. Scotia have named themselves the most international bank in Canada because of the Latin American and Caribbean acquisitions as well as smaller acquisitions in Asia and Europe. They also participate in The London Gold Fixing and are one of just five banks to do so. Worldwide they ranked 41 out of 100 of the biggest banks.

  7. BMO (Bank of Montreal)
  8. BMO which stands for the Bank of Montreal is a banking and financial service that operates worldwide. By assets and market capitalization they are the 4th biggest bank in the whole of Canada and the tenth within North America. The bank has over 2 decades of expertise from when they were first founded in 1817 in Montreal from a rented house. This makes it the longest standing bank in Canada. BMO has over 900 branches around the world with more than 45,234 employees offering their financial services to more than 7 million customers. They have the longest uninterrupted dividend payment having not missed a single one since 1829 and have revenue of $19.188 billion as of 2016. The services they offer are retail, commercial and personal banking, life insurance, MasterCard’s, wealth management, full and self-service investing within Canada and advisory services.

  9. CIBC (Canadian Imperial Bank of Commerce)
  10. The fifth largest bank in Canada is CIBC, The Canadian Imperial Bank of Commerce. The headquarters are based in Toronto, Ontario. The CIBC was founded in 1961 through the biggest merger in Canadian history. CIBC consists of three business units which are wealth management, business and retail banking and capital markets. They have global markets that serve over 11 million customers through their 40,000 employees. They are officially the third strongest bank in the world as of 2012 and have revenues of C$15.0 billion as of 2016.

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Five largest banks in Canada. (2019, February 27). GradesFixer. Retrieved October 20, 2021, from https://gradesfixer.com/free-essay-examples/five-largest-banks-in-canada/
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