List of banks and credit unions in Canada

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The main Montreal branch of the Bank of Montreal, Canada's oldest bank.

This is a list of banks in Canada, including chartered banks, credit unions, trusts, and other financial services companies that offer banking services and may be popularly referred to as "banks".

The "Big Five"[edit]

Canada's "big five" banks, and a few statistics (2013):

Bank Name Also Known as Institution No Market Capitalization CAD, B[1] 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[edit]

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)[edit]

Place Ville-Marie is the home to the Montreal offices of the Royal Bank of Canada

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.[2]

Bank Established Headquarters Notes
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".
Bridgewater Bank 2006 Calgary [3]
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
Concentra Bank 2017 Saskatoon
DirectCash Bank 2007 Calgary Arms-length relationship with DirectCash Payments Inc.[4]
Duo Bank 2009 Mississauga Incorporated under Schedule 2 (foreign-owned, deposit-taking) of Canada's Bank Act in 2009;[5] reclassified under Schedule 1 (domestic-owned, deposit-taking)[6][7][8] 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.[9]
Equitable Bank 2013 Toronto [10]
Exchange Bank of Canada 2016 Toronto Provides foreign currency services to financial institutions and businesses. Subsidiary of Currency Exchange International Corp.[11]
First Nations Bank of Canada 1996 Saskatoon
General Bank of Canada 2005 Edmonton [3]
Haventree Bank 2018 Toronto Private Bank.[12]
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.[13] CFF Bank became Home Bank in August 2016.[14]
HomeEquity Bank 2009 Toronto [3]
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.[15]
Royal Bank of Canada 1864 Montreal [16]
Street Capital Bank of Canada 2017 Toronto Granted schedule 1 status in December 2016. Commenced operations on 1 February 2017.[17]
Tangerine Bank 2013 Toronto Formerly ING Direct Canada, purchased by Scotiabank in November 2012,[18] and name was changed to Tangerine in spring 2014.[19]
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.[20]
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.

On 10 November 2014, Home Capital Group announced that it has applied to charter "Home Trust Bank" under Schedule I.[citation needed]

Schedule II banks (subsidiaries of foreign banks)[edit]

The Toronto branch of the Bank of China (Canada).

Schedule II banks are banks allowed to accept deposits and which are subsidiaries of a foreign bank. As of October 2015, there were 24 of these banks in Canada, including three in liquidation.[2]

Bank Parent Country Notes
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
Citibank 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)[edit]

Full service[edit]

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.[2]

Bank Parent Country Notes
Bank of America, National Association  USA
Bank of New York Mellon (The)  USA
Bank of Tokyo-Mitsubishi UFJ, Ltd., Canada Branch (The)  Japan
Barclays Bank PLC (Canada Branch)  UK
BNP Paribas  France
Capital One Bank (Canada Branch)  USA
China Construction Bank Toronto Branch  China
Citibank, N.A.  USA
Comerica Bank  USA
Deutsche Bank AG  Germany
Fifth Third Bank  USA
First Commercial Bank  Taiwan [21]
JPMorgan Chase Bank, National Association  USA
M&T Bank  USA
Maple Bank  Germany Holding group is based in Canada but chartered through a subsidiary German bank.[22] In liquidation.
Mizuho Bank, Ltd., Canada Branch  Japan
Northern Trust Company, Canada Branch (The)  USA
PNC Bank Canada Branch  USA
Rabobank Nederland  Netherlands
Royal Bank of Scotland plc, Canada Branch (The)  UK
Société Générale (Canada Branch)  France
State Street  USA
Sumitomo Mitsui Banking Corporation, Canada Branch  Japan
U.S. Bank National Association  USA
UBS AG Canada Branch   Switzerland
United Overseas Bank Limited  Singapore
Wells Fargo Bank, National Association, Canadian Branch  USA

Lending only[edit]

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.[2]

Bank Parent Country Notes
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[edit]

The Bank of Canada Building in Ottawa is the headquarters of the country's central bank.

Credit unions[edit]

Branch of Affinity Credit Union in Saskatoon, Saskatchewan.
The executive headquarters of the Desjardins Group in Montreal.

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.[23] By 2019, consolidation reduced this number to 252 credits unions and caisses populaires outside Quebec, according to the Canadian Credit Union Association (CCUA).[24][25] 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[edit]

As of second quarter 2018, the 265 credit unions and caisses populaires outside Quebec reported combined assets of $233.47 billion:[26]

Credit Union Province Assets Members
Vancity BC 22,268,851,813 499,039
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.[27]

As of 31 December 2015, Desjardins Group's consolidated assets totalled $248.1 billion CAD.[28]

Defunct and merged banks[edit]

The Bank of British North America, on Yonge Street in Toronto.
The former Bank of New Brunswick Building in Saint John.
Former Molson Bank head office, Montreal

Credit agencies[edit]

See also[edit]


  1. ^ "TMX Money". TMX. Retrieved 30 March 2014.
  2. ^ a b c d "Who We Regulate". 30 October 2012. Retrieved 27 September 2015.
  3. ^ a b c "How to build a bank". Financial Post. 24 February 2012. Retrieved 26 September 2013.
  4. ^ "2012 Direct Cash Payments Annual Report" (PDF). p. 14. Archived from the original (PDF) on 27 September 2013. Retrieved 26 September 2013.
  5. ^ "Canada Gazette – Government Notices". Archived from the original on 20 December 2010.
  6. ^ "Duo Bank". Retrieved 26 August 2019.
  7. ^ "Our Services". Duo Bank. Retrieved 26 August 2019.
  8. ^ "Who We Regulate". Office of the Superintendent of Financial Institutions. Retrieved 26 August 2019.
  9. ^ "Stephen Smith and Centerbridge Partners, L.P. Complete Acquisition of Walmart Canada Bank". Canada Newswire. CISION. 1 April 2019. Retrieved 26 August 2019.
  10. ^[permanent dead link]
  11. ^ "New banks in Canada look to target niche markets". Retrieved 27 September 2016.
  12. ^ "Equity Financial Trust Company applies to convert to Schedule I Bank – General financial discussion – Discussion forum – Canadian High Interest Savings Bank Accounts".
  13. ^ "MonCana Bank of Canada renamed CFF Bank following acquisition by Canadian First Financial Group Inc". CNW. 13 January 2014. Retrieved 20 January 2014.
  14. ^ "CFF Bank changes its name to Home Bank".
  15. ^ "Rogers gets closer to starting banking business". Financial Post. 3 May 2013. Retrieved 23 September 2013.
  16. ^ "Quick to the Frontier – RBC".
  17. ^ "Street Capital Financial Receives Schedule I Bank Licence". CNW. 13 December 2016. Retrieved 27 December 2016.
  18. ^ "ING completes sale of ING Direct Canada". Reuters. 15 November 2012. Archived from the original on 24 September 2015. Retrieved 12 June 2013.
  19. ^ "ING Direct renames itself Tangerine". Financial Post. 5 November 2013. Retrieved 21 November 2013.
  20. ^ "Vancity Community Investment Bank". Retrieved 27 October 2019.
  21. ^ ">"First Bank". First Bank. Retrieved 24 September 2013.
  22. ^ "About Maple". Maple Financial Group. Retrieved 24 September 2013.
  23. ^ "Canada's Credit Unions and Caisses Populaires – March 2003". 13 November 2008. Archived from the original on 13 February 2010. Retrieved 13 August 2010.
  24. ^ "Credit Unions in Canada". Canadian Credit Union Association. 1 September 2019. Archived from the original on 1 September 2019. Retrieved 2 September 2019.
  25. ^ "Largest 100 Credit Unions / Caisses Populaires" (PDF). Retrieved 14 May 2013.
  26. ^ "Largest 100 Credit Unions / Caisses Populaires" (PDF). Retrieved 20 March 2018.
  27. ^
  28. ^
  29. ^ "Home District Savings Bank – Archeion".

External links[edit]