Conclusion – Top 10 Banks in Canada
While Canada’s major banks offer similar services and compete across most categories, they all have unique histories, strengths, client focuses, and strategies that have allowed them to maintain leadership positions over the past 100+ years and counting. And the country’s smaller Schedule 1 banks fill in gaps by specializing in specific offerings from credit unions to entirely digital banks. Canada has several banks to meet diverse consumer and business needs. The country’s major banks offer similar services but utilize unique strategies to maintain strength across wealth, capital markets, investment banking and more, to continue domination. Despite newcomers and digital disruption, the stability of Canada’s banking oligopoly remains intact.
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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)