List of banks and credit unions in Canada
- 1 The "Big Five"
- 2 Banks by legal classification
- 3 Government-owned financial institutions
- 4 Credit unions
- 5 Defunct and merged banks
- 6 Credit agencies
- 7 See also
- 8 References
- 9 External links
The "Big Five"
Canada's "big five" banks, and a few statistics (2013):
|Bank Name||Also Known as||Institution No||Market Capitalization CAD, B||Employees (FTE)||Revenue, B||Net Income, B||Total Assets, B|
|Royal Bank of Canada||RBC||003||104.5||80,000||30||7.6||825|
|Toronto-Dominion Bank||TD, TD Canada Trust||004||94.8||79,000||23||6.3||811|
|Bank of Nova Scotia||Scotiabank||002||77||83,000||21||6.7||744|
|Bank of Montreal||BMO||001||47||47,000||13.7||3.2||542|
|Canadian Imperial Bank of Commerce||CIBC||010||38||42,000||12||2.5||352|
The term "Big Six" is frequently used as well and includes the National Bank of Canada (2013 market cap of $8.9B), though its operations are primarily focused in the provinces of Quebec and New Brunswick.
Banks by legal classification
Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks. For a greater explanation of the classifications, see Banking in Canada and Canada Bank Act.
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 30 domestic banks as of September 2016.
|ADS Canadian Bank||1998||Toronto||Formerly Dundee Bank of Canada. Subsequently renamed Hollis Canadian Bank until its current name ADS Canadian Bank. Subsidiary of Scotiabank.|
|Alterna Bank||1992||Ottawa||Owned by the credit union Alterna Savings.|
|B2B Bank||2012||Toronto||Subsidiary of Laurentian Bank. Prior to reorganization in 2012, was known as "B2B Trust".|
|Bank of Montreal||1817||Montreal|
|Bank of Nova Scotia||1832||Toronto||Operating as "Scotiabank".|
|Canadian Imperial Bank of Commerce||1961||Toronto||Formed by the merger of two banks founded in 1867 and 1873. Also includes Simplii Financial direct banking branch operation that was found in the late 1990s as a strategic partnership between PC Financial and CIBC until 2017 when it was rebranded as Simplii Financial.|
|Canadian Tire Bank||2003||Oakville, Ontario|
|Canadian Western Bank||1985||Edmonton|
|Continental Bank of Canada||2013||Whitby|
|DirectCash Bank||2007||Calgary||Arms-length relationship with DirectCash Payments Inc.|
|Duo Bank||2009||Mississauga||Incorporated under Schedule 2 (foreign-owned, deposit-taking) of Canada's Bank Act in 2009; reclassified under Schedule 1 (domestic-owned, deposit-taking) following completion of the sale by Walmart Canada to First National co-founder Stephen Smith and private equity firm Centerbridge Equity Partners, L.P. in April 2019.|
|Exchange Bank of Canada||2016||Toronto||Provides foreign currency services to financial institutions and businesses. Subsidiary of Currency Exchange International Corp.|
|First Nations Bank of Canada||1996||Saskatoon|
|General Bank of Canada||2005||Edmonton|||
|Haventree Bank||2018||Toronto||Private Bank.|
|Home Bank||2015||Toronto||Operates as part of Oaken Financial, which is owned by Home Capital Group. Home Bank began as CFF Bank, which was formed through acquisition of MonCana Bank by Canadian First Financial. CFF Bank became Home Bank in August 2016.|
|Laurentian Bank of Canada||1846||Montreal|
|Manulife Bank of Canada||1993||Toronto|
|Motus Bank||2019||Toronto||Owned by Meridian Credit Union.|
|National Bank of Canada||1859||Montreal|
|Rogers Bank||2013||Toronto||Owned by Rogers Communications.|
|Royal Bank of Canada||1864||Montreal|||
|Street Capital Bank of Canada||2017||Toronto||Granted schedule 1 status in December 2016. Commenced operations on 1 February 2017.|
|Tangerine Bank||2013||Toronto||Formerly ING Direct Canada, purchased by Scotiabank in November 2012, and name was changed to Tangerine in spring 2014.|
|Toronto-Dominion Bank||1955||Toronto||Operating as "TD Canada Trust". Formed by the merger of two banks founded in 1855 and 1869.|
|Vancity Community Investment Bank||1997||Vancouver||Previously known as Citizens Bank of Canada. Now a non-deposit taking bank; it no longer offers savings and loans products.|
|VersaBank||1980||London, Ontario||Previously known as Pacific & Western Bank of Canada.|
|Wealth One Bank of Canada||2015||Toronto|
|Zag Bank||2002||High River, Alberta||Formerly Bank West, owned by Desjardins Group since 2011. Currently being wound down.|
Schedule II banks (subsidiaries of foreign banks)
|AMEX Bank of Canada||USA|
|Bank of America Canada||USA||In voluntary liquidation.|
|Bank of China (Canada)||China||Previously a Schedule III representative office.|
|Bank of Tokyo-Mitsubishi UFJ (Canada)||Japan|
|Bank One Canada||USA||In voluntary liquidation.|
|BNP Paribas (Canada)||France|
|BofA Canada Bank||USA||Before December 2011, was known as MBNA Canada Bank.|
|Citco Bank Canada||USA|
|CTBC Bank Corp. (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.|
|KEB Hana Bank Canada||South Korea||Formerly Korea Exchange Bank of Canada.|
|Mega International Commercial Bank (Canada)||Taiwan|
|Shinhan Bank Canada||South Korea|
|Société Générale Capital Canada||France|
|State Bank of India (Canada)||India|
|Sumitomo Mitsui Banking Corporation of Canada||Japan|
|UBS Bank (Canada)||Switzerland|
Schedule III banks (branches of foreign banks)
The following banks are not authorized to accept deposits in Canada of less than $150,000. As of August 2016, there were 28 such banks in Canada.
The following banks are prohibited from accepting deposits or borrowing money except from financial institutions. There were four such banks in Canada as of August 2016.
|Crédit Agricole Corporate and Investment Bank (Canada Branch)||France|
|Credit Suisse, Toronto Branch||Switzerland|
|Natixis, Canada Branch||France|
|Union Bank of California, N.A., Canada Branch||USA|
Government-owned financial institutions
- Bank of Canada (Central Bank)
- Business Development Bank of 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.
- ATB Financial (Government of Alberta Crown Corporation)
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 2019, consolidation reduced this number to 252 credits unions and caisses populaires outside Quebec, according to the Canadian Credit Union Association (CCUA). 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.
Credit unions outside Quebec
As of second quarter 2018, the 265 credit unions and caisses populaires outside Quebec reported combined assets of $233.47 billion:
|Coast Capital Savings||BC||19,288,178,756||564,672|
|Meridian Credit Union||ON||16,278,452,967||334,387|
|Servus Credit Union||AB||15,905,331,126||365,402|
|First West Credit Union||BC||10,133,463,000||226,178|
|Conexus Credit Union||SK||6,095,442,884||127,461|
|Steinbach Credit Union||MB||5,573,565,534||89,548|
|Affinity Credit Union||SK||5,415,298,531||118,024|
|Alterna Savings and Credit Union Limited||ON||5,097,008,000||139,648|
|Connect First Credit Union||AB||4,574,517,000||107,697|
|Assiniboine Credit Union||MB||4,566,128,768||125,523|
|BlueShore Financial Credit Union||BC||4,330,858,088||46,186|
|UNI Financial Cooperation||NB||4,200,152,000||147,007|
|FirstOntario Credit Union Limited||ON||4,014,510,000||122,510|
|Kawartha Credit Union||ON||1,660,000,000||48,061|
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.
Defunct and 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 merged into Bank of Montreal.
- 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.
- Portuguese Commercial Bank (BCP) Canadian operations acquired by BMO in 2007.
- Banque canadienne nationale merged with Provincial Bank of Canada/Banque provinciale du Canada to become National Bank of Canada
- Barclays Bank Canada became Imperial Bank of Canada, now known as Canadian Imperial Bank of Commerce in 1956 and Hongkong Bank of Canada, now known as HSBC Bank Canada, in 1996.
- 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 (CIBC).
- Canadian Commercial Bank Failed in 1985.
- 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 Canada in 1986.
- 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 of Canada failed in 1923
- Home District Savings Bank, Toronto – founded 1830 for trades persons with deposits with Bank of Upper Canada but was alternative to those not aligned with the Family Compact which controlled the Bank of Upper Canada. Ceased to exist sometime after the Rebellion of 1837.
- Imperial Bank of Canada merged with Canadian Bank of Commerce to form the Canadian Imperial Bank of Commerce (CIBC).
- Lloyds Bank Canada became Hongkong Bank of Canada, now known as HSBC Bank Canada in 1990.
- Mercantile Bank of Canada, minority owned by Citibank, was merged into the National Bank of Canada in 1985.
- Molson Bank of Montreal was merged into the Bank of Montreal in 1925.
- Midland Bank Canada became Hongkong Bank of Canada, now known as HSBC Bank Canada in 1988.
- Northland Bank Failed in 1985.
- National Bank of Greece's Canadian assets merged into Bank of Nova Scotia in 2005
- National Westminster Bank of Canada became Hongkong Bank of Canada, now known as HSBC Bank Canada in 1998.
- Ontario Bank's assets merged into Bank of Montreal in 1906
- 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.
- Banking in Canada
- Credit unions in Canada
- Canada Deposit Insurance Corporation
- Routing number (Canada)
- Canada Bank Company
- ATB Financial
- "TMX Money". TMX. Retrieved 30 March 2014.
- "Who We Regulate". Osfi-bsif.gc.ca. 30 October 2012. Retrieved 27 September 2015.
- "How to build a bank". Financial Post. 24 February 2012. Retrieved 26 September 2013.
- "2012 Direct Cash Payments Annual Report" (PDF). p. 14. Archived from the original (PDF) on 27 September 2013. Retrieved 26 September 2013.
- "Canada Gazette – Government Notices". Archived from the original on 20 December 2010.
- "Duo Bank". Retrieved 26 August 2019.
- "Our Services". Duo Bank. Retrieved 26 August 2019.
- "Who We Regulate". Office of the Superintendent of Financial Institutions. Retrieved 26 August 2019.
- "Stephen Smith and Centerbridge Partners, L.P. Complete Acquisition of Walmart Canada Bank". Canada Newswire. CISION. 1 April 2019. Retrieved 26 August 2019.
- http://phx.corporate-ir.net/phoenix.zhtml?c=177447&p=irol-newsArticle&ID=1833654&highlight=[permanent dead link]
- "New banks in Canada look to target niche markets". Retrieved 27 September 2016.
- "Equity Financial Trust Company applies to convert to Schedule I Bank – General financial discussion – Discussion forum – Canadian High Interest Savings Bank Accounts". highinterestsavings.ca.
- "MonCana Bank of Canada renamed CFF Bank following acquisition by Canadian First Financial Group Inc". CNW. 13 January 2014. Retrieved 20 January 2014.
- "CFF Bank changes its name to Home Bank". newswire.ca.
- "Rogers gets closer to starting banking business". Financial Post. 3 May 2013. Retrieved 23 September 2013.
- "Quick to the Frontier – RBC". rbc.com.
- "Street Capital Financial Receives Schedule I Bank Licence". CNW. 13 December 2016. Retrieved 27 December 2016.
- "ING completes sale of ING Direct Canada". Reuters. 15 November 2012. Archived from the original on 24 September 2015. Retrieved 12 June 2013.
- "ING Direct renames itself Tangerine". Financial Post. 5 November 2013. Retrieved 21 November 2013.
- "Vancity Community Investment Bank". Retrieved 27 October 2019.
- ">"First Bank". First Bank. Retrieved 24 September 2013.
- "About Maple". Maple Financial Group. Retrieved 24 September 2013.
- "Canada's Credit Unions and Caisses Populaires – March 2003". Fin.gc.ca. 13 November 2008. Archived from the original on 13 February 2010. Retrieved 13 August 2010.
- "Credit Unions in Canada". ccua.com. Canadian Credit Union Association. 1 September 2019. Archived from the original on 1 September 2019. Retrieved 2 September 2019.
- "Largest 100 Credit Unions / Caisses Populaires" (PDF). Cucentral.ca. Retrieved 14 May 2013.
- "Largest 100 Credit Unions / Caisses Populaires" (PDF). Cucentral.ca. Retrieved 20 March 2018.
- "Home District Savings Bank – Archeion". archeion.ca.
- [http://www.osfi-bsif.gc.ca/Eng/wt-ow/Pages/wwr-er.aspx List of banks regulated by the Office of the Superintendent of Financial Institutions
- List of Canadian banks via the Canada Revenue Agency website
- Credit Union Central of Canada's Publications
- Bank locations in Canada
- List of banks in Canada
- Information about Banks in Canada