The Canadian banking system is dominated by five major banks, which collectively hold the vast majority of the market.
This article will feature the five largest Canadian banks.
1. Royal Bank of Canada
RBC came into being back in the 1800s and is one of the most important banks. It serves over 15 million clients. It has over 85,000 and has been named as one of “Canada’s Best Employers” by Forbes Magazine.
Royal Bank was founded in 1864 as the Merchant’s Bank of Halifax. Its services include wealth management, asset management, personal and commercial banking.
2. Toronto Dominion Bank
Toronto Dominion Bank is one of the largest banks in Canada. It was founded back in 1855 and has over 81,000 employees.TD Bank operates internationally to provide financial services like chequing/savings accounts, mortgages, credit cards, debit cards, etc.
It also provides corporate banking for small or medium-sized businesses. Its subsidiaries include Auto finance, TD Securities, and TD Assts Management Inc.
3. Bank of Montreal
This bank was founded in 1817 and is one of the oldest banks in Canada. It has been recognized as a “Best Place to Work” by various publications such as The Globe & Mail, Toronto Star, etc. BMO serves over 11 million customers globally.
It provides services like wealth management, asset/investment management, commercial banking, and personal financial advice. BMO also offers several types of accounts including chequing/savings/CDs as well as mortgages and loans. It was founded by John Richardson and Horatio Gates.
4. National Bank of Canada
This bank was founded in 1979 and has over 20,000 employees working for it. It provides services like personal banking, commercial/corporate banking, retail brokerage, etc.
It is also involved with the financial markets as well as providing mutual funds to its customers. The bank has been named as Best Diversity Employers by Mediacorp for seven years.
5. Canadian Imperial Bank of Commerce
CIBC is one of the top Canadian banks. It has over 40,000 employees and serves over 11 million clients globally. CIBC provides services like personal banking, commercial/corporate banking, private wealth management, etc
It also offers pension plans and has a retiree advisory committee that aims to help those who have retired. It also offers insurance products such as life insurance and credit card protection. CIBC was formed in 1961 by the merger of the Canadian Bank of Commerce and Imperial Bank of Canada.
The Canadian banking system is dominated by these five biggest banks. The services provided are quite similar, but each bank offers something unique to their customers.
