About the Top 10 Banks in Canada
Banks in Canada run strong (despite less government assistance), and the financial institutions are classified based on supplying banking services into five basic categories: Chartered Banks, Cooperative Credit Movement, and Company types including life insurance, trust and loan, and security dealers. According to the most recent data, there are 29 domestic banks. 24 foreign banks are subsidiaries. Aside from that, 27 foreign bank branches and three foreign bank lending branches provide the entire range of respective banking services. Canadian financial institutions manage around $4.6 trillion in assets. Banks manage 70% of these assets. The top six banks hold 90% of all banking assets.
Top 10 banks in Canada
Canada’s banking system is known to be one of the safest and most stable across the globe. The country’s “Big Five” banks – Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce have come to dominate the market, together holding over 90% of bank assets as of 2023. However, Canada also hosts smaller and more regionally focused banks that continue to play important roles for customers.
In this article, we will look into the list of top 10 banks in Canada. Let’s explore.
Table of Content
- About the Top 10 Banks in Canada
- List of Top 10 Banks in Canada
- 1. Royal Bank of Canada (RBC)
- 2. Toronto-Dominion Bank (TD)
- 3. Bank of Nova Scotia (Scotiabank)
- 4. Bank of Montreal (BMO)
- 5. Canadian Imperial Bank of Commerce (CIBC)
- 6. National Bank of Canada
- 7. Laurentian Bank of Canada
- 8. Canadian Western Bank
- 9. ATB Financial
- 10. Tangerine Bank (Subsidiary of Scotiabank)