List of banks and credit unions in Canada
- 1 Banks by legal classification
- 2 Government-owned banks
- 3 Credit unions
- 4 The "Big Five"
- 5 Defunct or merged banks
- 6 Credit agencies
- 7 See also
- 8 References
- 9 External links
- 10 References
Banks by legal classification
Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks.
Schedule I banks (domestic banks)
Under the Canada Bank Act, Schedule I are banks that are not a subsidiary of a foreign bank, i.e. domestic banks, even if they have foreign shareholders. There are 28 domestic banks as of September 2013.
|Bank of Montreal||1817||Montreal|
|Bank of Nova Scotia||1832||Toronto||operating as "Scotiabank"|
|Bank West||2002||High River, Alberta|
|Canadian Imperial Bank of Commerce||1867||Toronto|
|Canadian Tire Bank||1968||Oakville, Ontario|
|Canadian Western Bank||1985||Edmonton|
|Citizens Bank of Canada||1997||Vancouver||the bank has become a 'non-deposit taking bank' and therefore no longer offers savings and loans products|
|CS Alterna Bank||2000||Ottawa|
|DirectCash Bank||2007||Calgary||Arms-length relationship with DirectCash Payments Inc.|
|First Nations Bank of Canada||1996||Saskatoon|
|General Bank of Canada||2005||Edmonton|||
|Hollis Canadian Bank||1998||Toronto||Formerly Dundee Bank of Canada, subsidiary of Scotiabank|
|ING Bank of Canada||2013||Toronto||Purchased by Scotiabank November 2012,  planned name change to Tangerine in spring 2014|
|Jameson Bank||2008||Toronto||Specializes in foreign exchange|
|Laurentian Bank of Canada||1846||Montreal|
|Manulife Bank of Canada||1993||Toronto|
|MonCana Bank of Canada||2011||Calgary|||
|National Bank of Canada||1859||Montreal|
|Pacific & Western Bank of Canada||1980||London, Ontario|
|President's Choice Bank||1996||Toronto|
|RedBrick Bank||2013||Oakville, Ontario|
|Rogers Bank||2013||Toronto||Owned by Rogers Communications |
|Royal Bank of Canada||1864||Montreal|||
|Toronto-Dominion Bank||1955||Toronto||operating as "TD Canada Trust"; formed by the merger of two banks founded in 1855 and 1869|
Schedule II banks (Canadian banks that are subsidiaries of foreign banks)
As of September 2013, there were 24 of these banks in Canada, however 3 were in liquidation.
|AMEX Bank of Canada||USA|
|Bank of America Canada||USA||(in voluntary liquidation)|
|Bank of China (Canada)||China|
|Bank of Tokyo-Mitsubishi UFJ (Canada)||Japan|
|Bank One Canada||USA||(in voluntary liquidation)|
|BNP Paribas (Canada)||France|
|BofA Canada Bank||USA|
|Citco Bank Canada||USA|
|CTC Bank of Canada||Taiwan|
|Habib Canadian Bank||Switzerland|
|HSBC Bank Canada||UK|
|ICICI Bank Canada||India|
|Industrial and Commercial Bank of China (Canada)||China|
|J.P. Morgan Bank Canada||USA|
|J.P. Morgan Canada||USA||(in liquidation)|
|Korea Exchange Bank of Canada||Korea|
|Mega International Commercial Bank (Canada)||Taiwan|
|Shinhan Bank Canada||Korea|
|Société Générale (Canada)||France|
|State Bank of India (Canada)||India|
|Sumitomo Mitsui Banking Corporation of Canada||Japan|
|UBS Bank (Canada)||Switzerland|
|Walmart Canada Bank||USA|
Schedule III banks (foreign banks with branches in Canada)
As of September 2013, there were 24 such banks in Canada.
|Bank of America, National Association||USA|
|Bank of New York Mellon (The)||USA|
|Barclays Bank PLC (Canada Branch)||UK|
|Capital One Bank (Canada Branch)||USA|
|Deutsche Bank AG||Germany|
|Dexia Crédit Local S.A.||France Belgium|
|Fifth Third Bank||USA|
|First Commercial Bank||Taiwan|||
|HSBC Bank USA, National Association||USA|
|JPMorgan Chase Bank, National Association||USA|
|Maple Bank||Germany||Holding group is based in Canada, but chartered through a subsidiary German bank|
|Mizuho Corporate Bank, Ltd., Canada Branch||Japan|
|Northern Trust Company, Canada Branch (The)||USA|
|Royal Bank of Scotland N.V.||UK|
|Société Générale (Canada Branch)||France|
|U.S. Bank National Association||USA|
|UBS AG Canada Branch||Switzerland|
|United Overseas Bank Limited||Singapore|
|Wells Fargo Bank, National Association, Canadian Branch||USA|
There were 4 such banks in Canada in September, 2013.
|Credit Suisse, Toronto Branch||Switzerland|
|Merrill Lynch International Bank Limited||USA|
|PNC Bank Canada||USA|
|Union Bank of California, N.A.||USA|
Bank of Canada
Bank of Canada (Central Bank)
Business Development Bank of Canada
Farm Credit Canada
Farm Credit Canada - Government-owned Farm Credit is not a deposit-taking bank. It is, however, a major lender to the agriculture and agri-food industries.
Alberta Treasury Branches
Alberta Treasury Branches, or ATB Financial, is a unique, provincially owned company that provides banking services, but for legal reasons is not considered a bank. It was created during the Great Depression by the government of William Aberhart under the influence of the strongly anti-bank economic ideology called Social Credit. The Social Credit Party of Alberta, won the 1935 election in part on a platform that argued for the nationalisation or abolition of banks. But court cases later determined that the provincial government did not have the powers to do this. The ATB was created as a provincial-government alternative to the private banks. If it were a bank, ATB would be subject to federal legislation; therefore, the institution is never legally referred to as a bank so that it can remain under provincial jurisdiction. However, it offers all services associated with a standard retail bank.
Canada has a strong co-operative financial services sector, which consists of credit unions (caisses populaires in Quebec and other French speaking regions). At the end of 2001 Canada's credit union sector consisted of 681 credit unions and 914 caisses populaires, with more than 3,600 locations and 4,100 automated teller machines. By 2012, consolidation reduced this number to 394 credits unions and caisses populaires outside of Quebec. Canada has the world's highest per capita membership in the credit union movement, with over 10 million members, or about one-third of the Canadian population. While the sector is active in all parts of the country, it is strongest in the western provinces and in Quebec. In Quebec 70 per cent of the population belongs to a caisse populaire, while in Saskatchewan close to 60 per cent belongs to a credit union.
Ten largest credit unions in Canada by assets, outside of Quebec
As at December 31, 2012, the 394 credit unions and caisses populaires outside of Quebec had combined assets of $161.1 billion, of which $73.5 billion was held by the ten largest.
|Coast Capital Savings||BC||12,643,848,010||504,054|
|Servus Credit Union||AB||12,177,314,802||373,468|
|Meridian Credit Union||ON||8,753,311,552||262,360|
|First West Credit Union||BC||5,881,250,713||154,370|
|Conexus Credit Union||SK||4,202,015,663||114,497|
|Steinbach Credit Union||MB||3,962,524,433||77,634|
|Assiniboine Credit Union||MB||3,430,950,621||109,030|
|Cambrian Credit Union||MB||2,764,227,835||58,279|
|First Calgary Savings||AB||2,664,640,852||82,307|
Most caisses populaires in Quebec (and some outside the province) are part of a network which operates as the Desjardins Group. Desjardins Group owns and operates a range of subsidiaries, including a securities brokerage, a venture capital firm, and a bank based in Florida.
The "Big Five"
Canada's "big five" banks, in order of market capitalization:
|Bank Name||Also Known as||Institution No||Market Capitalization CAD,B|
|Royal Bank of Canada||RBC||003||90.2|
|Toronto Dominion Bank||TD, TD Canada Trust||004||77.6|
|Bank of Nova Scotia||Scotiabank||002||10.9|
|Bank of Montreal||BMO||001||10.3|
|Canadian Imperial Bank of Commerce||CIBC||010||9.5|
The term "Big Six" is frequently used as well. The "Big Six" also includes the National Bank of Canada (market cap of $8.9B), though its operations are primarily focused in the provinces of Quebec and New Brunswick.
Defunct or merged banks
- Amicus Bank was in voluntary liquidation and its assets repatriated to CIBC.
- Bank of Alberta and the Western & Pacific Bank of Canada merged to become Canadian Western Bank.
- Bank of British Columbia's assets acquired by HSBC Canada.
- Bank of British North America
- Bank of Ottawa merged with the Bank of Nova Scotia in 1919.
- Bank of the People was purchased by the Bank of Montreal in 1840.
- Bank of Toronto merged with The Dominion Bank in 1955 to form the Toronto-Dominion Bank, now known as TD Bank Group.
- Banque canadienne nationale merged with Provincial Bank of Canada/Banque provinciale du Canada to become National Bank of Canada
- Provincial Bank of Canada/Banque provinciale du Canada. Merged with Banque canadienne nationale to become National Bank of Canada
- Canada Trust merged with Toronto-Dominion Bank in 2000
- Canadian Bank of Commerce merged with Imperial Bank of Canada in 1961 to form The Canadian Imperial Bank of Commerce also known as “CIBC”.
- Canadian Commercial Bank
- Eastern Townships Bank with the Canadian Bank of Commerce in 1912.
- Montreal City and District Savings Bank or La Banque d’Epargne converted from a savings bank to a regular bank and changed its name to Laurentian Bank of Canada
- Continental Bank of Canada became Lloyds Bank of Canada
- Farmer's Bank of York, Upper Canada
- Farmers' Bank of Rustico was a community bank in Prince Edward Island that closed after the passage of the 1871 Bank Act.
- Home Bank
- Imperial Bank of Canada merged with Canadian Bank of Commerce to form the Canadian Imperial Bank of Commerce, also known by the initialism CIBC
- Lloyds Bank of Canada became HSBC Canada
- Mercantile Bank of Canada, minority owned by Citibank, was merged into the National Bank in 1985.
- Molson Bank of Montreal was merged into the Bank of Montreal in 1925.
- Northland Bank
- National Bank of Greece's Canadian assets merged into Bank of Nova Scotia in 2005
- Standard Bank of Canada merged with Canadian Bank of Commerce in 1928
- Standard Chartered Bank of Canada
- Sterling Bank was acquired by Provincial Bank of Canada/Banque provinciale du Canada.
- "Who We Regulate". Osfi-bsif.gc.ca. Retrieved 2013-11-20.
- "How to build a bank". Financial Post. Retrieved 2013-09-26.
- "2012 Direct Cash Payments Annual Report". p. 14. Retrieved 2013-09-26.
- "ING completes sale of ING Direct Canada". Reuters. 2012-11-15. Retrieved 2013-06-12.
- "ING Direct renames itself Tangerine". Financial Post. 2013-11-05. Retrieved 2013-11-21.
- "Rogers gets closer to starting banking business". Financial Post. 2013-05-03. Retrieved 2013-09-23.
- RBC history
- ">"First Bank". First Bank. Retrieved 2013-09-24.
- "About Maple". Maple Financial Group. Retrieved 2013-09-24.
- "FP Story". Financialpost.com. Retrieved 2010-08-13.[dead link]
- "Canada's Credit Unions and Caisses Populaires - March 2003". Fin.gc.ca. 2008-11-13. Retrieved 2010-08-13.
- "Largest 100 Credit Unions / Caisses Populaires". Cucentral.ca. Retrieved 2013-05-14.
- "Business News, Real Time Stock Quotes, Investing Tools, Blogs, and The Good Life". Yahoo!Canada Finance. Retrieved 2013-05-31.
- List of Canadian banks at Office of the Superintendent of Financial Institutions
- List of Canadian banks via the Canada Revenue Agency website
- Credit Union Central of Canada's Publications
- List of banks in Canada
- Information about Banks in Canada