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]

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 35 domestic banks, included 2 federally regulated Credit Unions as of June 21st, 2021.[2]

Bank Established Headquarters Ownership Notes
ADS Canadian Bank 1998 Toronto Owned by ScotiaBank. Formerly Dundee Bank of Canada. Subsequently renamed Hollis Canadian Bank until its current name ADS Canadian Bank.
B2B Bank 2012 Toronto Owned by Laurentian Bank of Canada. Prior to reorganization in 2012, was known as "B2B Trust".
Bank of Montreal 1817 Montreal Public company, part of Big Five.
Bank of Nova Scotia 1832 Toronto Public company, part of Big Five. Operating as "Scotiabank".
Bridgewater Bank 1997[3] Calgary Wholly-owned subsidiary of the Alberta Motor Association (AMA)
Caisse populaire acadienne ltée 1961 New Brunswick Federal Credit Union, member owned. On July 1, 2016, UNI Financial Cooperation became the first federally chartered credit union.
Canadian Imperial Bank of Commerce 1946 Toronto Public company, part of Big Five. 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 Owned by company Canadian Tire.
Canadian Western Bank 1988 Edmonton Public company, regional bank. Formed through the 1988 merger of two banks: the Bank of Alberta (founded 1984), and the Western & Pacific Bank of Canada (founded 1982).
Coast Capital Savings 1940 Surrey, British Columbia Federal Credit Union, member owned. From October 17 to November 28, 2016, a vote was held for members on whether or not Coast Capital Savings should become a federal credit union
Concentra Bank 2017 Saskatoon Provides wholesale banking and trusts to Canada's credit union system
CS Alterna Bank 2000 Ottawa Owned by the credit union Alterna Savings.
Digital Commerce Bank 2007 Calgary Previously known as DirectCash Bank.[4] Arms-length relationship with DirectCash Payments Inc.[5]
Duo Bank of Canada 2009 Mississauga Privately held by an investor group led by funds managed by affiliates of Stephen Smith, Centerbridge Partners, L.P. and Ontario Teachers Incorporated under Schedule 2 (foreign-owned, deposit-taking) of Canada's Bank Act in 2009;[6] reclassified under Schedule 1 (domestic-owned, deposit-taking)[7][8][9] 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.[10]
EQ Bank 2016 Toronto Public company, regional bank. Originally founded as a trust company named The Equitable Trust Company in Hamilton, Ontario in 1970. In 2013, the Equitable Trust Company is granted a Schedule I Canadian chartered bank license and becomes Equitable Bank.[11] Equitable Bank launched a direct banking operation branded as EQ Bank on January 14, 2016, which was Canada's first digital bank born in the mobile age.
Exchange Bank of Canada 2016 Toronto Subsidiary of Currency Exchange International Corp.[12] Provides foreign currency services to financial institutions and businesses.
First Nations Bank of Canada 1996 Saskatoon First Canadian chartered bank to be independently controlled by Indigenous shareholders.
General Bank of Canada 2005 Edmonton Schedule 1 bank that primarily offers indirect auto financing for consumers through its retail portfolio as well as large commercial loans and aviation financing.[13]
Haventree Bank 2018 Toronto Founded in 1990; private bank specializing in alternative mortgage programs and insured GIC deposits.[14]
Home Bank 2015 Toronto Owned by the trust company Home Trust Company. Owns Oaken Financial, which are both owned by Home Capital Group. Home Bank began as CFF Bank, which was formed through acquisition of MonCana Bank by Canadian First Financial.[15] CFF Bank became Home Bank in August 2016.[16]
HomeEquity Bank 2009 Toronto Privately held by equity firm Birch Hill Equity Partners Founded in 1986 as the Canadian Home Income Plan Corporation. HomeEquity Bank is the first Canadian bank to offer reverse mortgages to Canadian homeowners aged 55 and over. On October 13th, 2009, HomeEquity Bank was recognized as a Schedule 1 Canadian Bank.
Laurentian Bank of Canada 1846 Montreal Public company, regional bank. Operations are mainly in Quebec
Manulife Bank of Canada 1993 Toronto Owned by the insurance company Manulife Financial Corporation.
Motus Bank 2019 Toronto Owned by the credit union Meridian Credit Union.
National Bank of Canada 1859 Montreal Public company, regional bank. Operations are mainly in Quebec
Peoples Bank of Canada 2020 Vancouver Owned by the trust company Peoples Group.
President's Choice Bank 1996 Toronto Owned by company Loblaw Companies. All PC Financial mortgages, loans, investments, and bank accounts were transferred to CIBC's new direct banking brand Simplii Financial effective November 1, 2017.[7] PC Financial's credit card and insurance products were unaffected by the decision, and continued to be offered by subsidiaries of Loblaw Companies.
RFA Bank of Canada 2017 Toronto Previously known as Street Capital Bank of Canada.[17] Granted schedule 1 status in December 2016. Commenced operations on 1 February 2017.[18]
Rogers Bank 2013 Toronto Owned by company Rogers Communications.
Royal Bank of Canada 1864 Montreal Public company, part of Big Five. [19]
Tangerine Bank 2013 Toronto Owned by ScotiaBank. Formerly ING Direct Canada, purchased by Scotiabank in November 2012,[20] and name was changed to Tangerine in spring 2014.[21]
Toronto-Dominion Bank 1955 Toronto Public company, part of Big Five. Operating as "TD Canada Trust". Formed by the merger of two banks founded in 1855 and 1869.
Vancity Community Investment Bank 1997 Vancouver Owned by the credit union Vancity. Previously known as Citizens Bank of Canada. Now a non-deposit taking bank; it no longer offers savings and loans products.[22]
VersaBank 1980 London, Ontario Public company, regional bank. Originally founded as a trust company named Pacific & Western Trust Corporation in Saskatoon, Saskatchewan in 1980. It later moved its head offices to London, Ontario. On August 1, 2002, it was granted a Schedule I Canadian chartered bank licence and becomes Pacific & Western Trust Bank of Canada before finally changing its name to VersaBank in 2016.
Wealth One Bank of Canada 2015 Toronto Focus on providing services to Chinese-Canadians. It provides banking services online and through retail offices in Toronto, Ontario, and in Vancouver, British Columbia.
Place Ville-Marie is the home to the Montreal offices of the Royal Bank of Canada

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.
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 [23]
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.[24] In liquidation.
Mega International Commercial Bank (Canada)  Taiwan
Mizuho Bank, Ltd., Canada Branch  Japan
Northern Trust Company, Canada Branch (The)  USA
PNC Bank Canada Branch  USA
Rabobank Nederland  Netherlands
Société Générale (Canada Branch)  France
State Street  USA
Sumitomo Mitsui Banking Corporation, Canada Branch  Japan
U.S. Bank National Association  USA
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
Silicon Valley Bank, 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.[25] By the end of 2019, consolidation reduced this number to 251 credits unions and caisses populaires outside Quebec, according to the Canadian Credit Union Association (CCUA).[26][27][28] 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 31 December 2020, the 231 credit unions and caisses populaires outside Quebec reported combined assets of $277.4 billion:[26]

Credit Union Province Assets Members
Vancity BC 24,917,886,729 520,448
Meridian Credit Union ON 23,052,787,444 387,815
Coast Capital Savings BC 20,872,884,000 594,483
Servus Credit Union AB 17,168,294,000 380,500
First West Credit Union BC 12,188,889,000 245,402
Desjardins Ontario Credit Union ON 8,466,465,362 129,508
Steinbach Credit Union MB 7,449,842,318 98,265
Prospera Credit Union BC 7,355,572,000 120,058
Alterna Savings and Credit Union Limited ON 6,702,891,000 159,485
Conexus Credit Union SK 6,694,985,350 131,400
Affinity Credit Union SK 6,505,594,479 123,724
Connect First Credit Union AB 5,954,170,000 126,226
Assiniboine Credit Union MB 5,448,866,595 124,619


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.[29]

As of 31 December 2015, Desjardins Group's consolidated assets totalled $248.1 billion CAD.[30]

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
Bank Established Defunct Fate
Amicus Bank 1999 2003 Dissolved into the Canadian Imperial Bank of Commerce
Bank of Alberta 1984 1988 Merged with the Western & Pacific Bank of Canada to become Canadian Western Bank.
Bank of British Columbia (first) 1862 1901 Merged into the Canadian Bank of Commerce
Bank of British Columbia (second) 1966 1986 Assets acquired by HSBC Canada.
Bank of British North America 1835 1918 Merged into the Bank of Montreal.
Bank of Canada 1858 1866 Became the Canadian Bank of Commerce.
Bank of Hamilton 1872 1924 Merged into the Canadian Bank of Commerce.
Bank of New Brunswick 1820 1913 Merged into the Bank of Nova Scotia.
Bank of Ottawa 1874 1919 Merged into the Bank of Nova Scotia.
Bank of the People 1835 1840 Merged into the Bank of Montreal.
Bank of Toronto 1855 1955 Merged with The Dominion Bank to form the Toronto-Dominion Bank.
Bank of Upper Canada 1821 1866 Failed
Bank of Vancouver 1910 1914 Failed
Banque canadienne nationale 1924 1979 Merged in 1979 with Provincial Bank of Canada to become National Bank of Canada
Banque d'Hochelaga 1874 1924 Merged with the Banque national to form the Banque Canadienne Nationale.
Banque national 1959 1924 Merged with the Banque d'Hochelaga to form the Banque Canadienne Nationale.
Barclays Bank Canada 1929 1956 Merged into Imperial Bank of Canada in 1956 and Hongkong Bank of Canada, now known as HSBC Bank Canada, in 1996.
Canada Trust 1864 2000 Merged with Toronto-Dominion Bank.
Canadian Bank of Commerce 1867 1961 Merged with Imperial Bank of Canada to form the Canadian Imperial Bank of Commerce.
Canadian Commercial Bank 1976 1985 Failed
City Bank 1833 1876 Merged with the Royal Canadian Bank to form Consolidated Bank of Canada.
Colonial Bank of Canada 1856 1863 Closed
Commercial Bank of Manitoba 1884 1893 Failed
Consolidated Bank of Canada 1876 1880 Failed
Continental Bank of Canada 1980 1986 Acquired by Lloyds Bank and became Lloyds Bank Canada.
The Dominion Bank 1869 1955 Merged with the Bank of Toronto to form the Toronto-Dominion Bank.
Eastern Townships Bank 1859 1912 Merged into the Canadian Bank of Commerce.
Farmer's Joint Stock Bank 1835 1854 Closed
Farmers' Bank of Rustico 1863 1871 Was a community bank in Prince Edward Island that closed after the passage of the 1871 Bank Act.
Halifax Banking Company 1825 1903 Merged into the Canadian Bank of Commerce.
Home Bank of Canada 1903 1923 Failed
Home District Savings Bank, Toronto 1830 1837 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 1873 1961 Merged with Canadian Bank of Commerce to form the Canadian Imperial Bank of Commerce (CIBC).
Lloyds Bank Canada 1986 1990 Became Hongkong Bank of Canada, now known as HSBC Bank Canada in 1990.
Mercantile Bank of Canada 1953 1985 Merged into the National Bank of Canada in 1985.
Merchants' Bank of Canada 1861 1921 Merged into the Bank of Montreal.
Molson Bank 1850 1925 Merged into the Bank of Montreal.
Montreal City and District Savings Bank Converted from a savings bank to a regular bank and changed its name to Laurentian Bank of Canada.
National Westminster Bank of Canada 1982 1998 Became Hongkong Bank of Canada, now known as HSBC Bank Canada in 1998.
Newfoundland Commercial Bank 1857 1894 Failed
Newfoundland Savings Bank 1834 1962 Merged into the Bank of Montreal.
Northland Bank 1974 1985 Failed
Ontario Bank 1860 1906 Merged into the Bank of Montreal.
Provincial Bank of Canada 1861 1979 Merged with Banque canadienne nationale to become National Bank of Canada
Quebec Bank 1822 1917 Merged into the Royal Bank of Canada.
Standard Bank of Canada 1873 1928 Merged into Canadian Bank of Commerce.
Standard Chartered Bank of Canada 1969 1990s
Sterling Bank of Canada 1905 1928 Merged into Canadian Bank of Commerce.
Toronto Municipal Employees Credit Union 1940 2020 Merged into Alterna Savings.
Union Bank of Canada 1865 1925 Founded in Quebec City as the Union Bank of Lower Canada. It changed its name in 1886 to the Union Bank of Canada. Merged into the Royal Bank of Canada.
Union Bank of Halifax 1856 1910 Merged into the Royal Bank of Canada.
Union Bank of Newfoundland 1854 1894 Failed
Unity Bank of Canada 1972 1978 Failed
Western and Pacific Bank of Canada 1982 1988 Merged with the Bank of Alberta to form the Canadian Western Bank.

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. ^ "About". Bridgewater Bank. Retrieved 20 November 2021.
  4. ^ "DirectCash Bank Announces Approval of Name Change to Digital Commerce Bank". Financial Post. 2 November 2020.
  5. ^ "2012 Direct Cash Payments Annual Report" (PDF). p. 14. Archived from the original (PDF) on 27 September 2013. Retrieved 26 September 2013.
  6. ^ "Canada Gazette – Government Notices". Archived from the original on 20 December 2010.
  7. ^ "Duo Bank". Retrieved 26 August 2019.
  8. ^ "Our Services". Duo Bank. Retrieved 26 August 2019.
  9. ^ "Who We Regulate". Office of the Superintendent of Financial Institutions. 30 October 2012. Retrieved 26 August 2019.
  10. ^ "Stephen Smith and Centerbridge Partners, L.P. Complete Acquisition of Walmart Canada Bank". Canada Newswire. CISION. 1 April 2019. Retrieved 26 August 2019.
  11. ^ "Equitable Bank at 50: Canada's Challenger Bank™ celebrates milestone with a view to the future".
  12. ^ "New banks in Canada look to target niche markets". Retrieved 27 September 2016.
  13. ^ Hasselback, Drew (24 February 2012). "How to build a bank". Financial Post. Retrieved 26 September 2013.
  14. ^ "Equity Financial Trust Company applies to convert to Schedule I Bank – General financial discussion – Discussion forum – Canadian High Interest Savings Bank Accounts".
  15. ^ "MonCana Bank of Canada renamed CFF Bank following acquisition by Canadian First Financial Group Inc". CNW. 13 January 2014. Retrieved 20 January 2014.
  16. ^ "CFF Bank changes its name to Home Bank".
  17. ^ "Street Capital to transition under the RFA Brand with a fresh new look!".
  18. ^ "Street Capital Financial Receives Schedule I Bank Licence". CNW. 13 December 2016. Retrieved 27 December 2016.
  19. ^ "Quick to the Frontier – RBC".
  20. ^ "ING completes sale of ING Direct Canada". Reuters. 15 November 2012. Archived from the original on 24 September 2015. Retrieved 12 June 2013.
  21. ^ Greenwood, John (5 November 2013). "ING Direct renames itself Tangerine". Financial Post. Retrieved 21 November 2013.
  22. ^ "Vancity Community Investment Bank". Retrieved 27 October 2019.
  23. ^ ">"First Bank". First Bank. Archived from the original on 27 September 2013. Retrieved 24 September 2013.
  24. ^ "About Maple". Maple Financial Group. Retrieved 24 September 2013.
  25. ^ "Canada's Credit Unions and Caisses Populaires – March 2003". 13 November 2008. Archived from the original on 13 February 2010. Retrieved 13 August 2010.
  26. ^ a b "Largest 100 Credit Unions 2020 4Q" (PDF). Canadian Credit Union Association. Retrieved 4 October 2021.
  27. ^ "Credit Unions in Canada". Canadian Credit Union Association. 1 September 2019. Archived from the original on 2 September 2019. Retrieved 2 September 2019.
  28. ^ "Largest 100 Credit Unions / Caisses Populaires" (PDF). Archived from the original (PDF) on 26 June 2013. Retrieved 14 May 2013.
  29. ^ "Archived copy". Archived from the original on 19 August 2013. Retrieved 16 July 2013.{{cite web}}: CS1 maint: archived copy as title (link)
  30. ^

External links[edit]