Canada has a well-established and highly regulated banking system. The country's major banks are known as the "Big Five," and they dominate the financial landscape. Here's a quick overview:
The Big Five Banks in Canada
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Royal Bank of Canada (RBC)
- Headquarters: Toronto, Ontario
- Services: Personal & commercial banking, wealth management, insurance, investor services
- Website: rbc.com
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Toronto-Dominion Bank (TD)
- Headquarters: Toronto, Ontario
- Services: Retail banking, small business banking, wealth management
- Website: td.com
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Bank of Nova Scotia (Scotiabank)
- Headquarters: Toronto, Ontario
- Services: International banking (strong presence in Latin America and the Caribbean), personal and commercial banking
- Website: scotiabank.com
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Bank of Montreal (BMO)
- Headquarters: Montreal, Quebec
- Services: Banking, investing, and wealth management
- Website: bmo.com
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Canadian Imperial Bank of Commerce (CIBC)
- Headquarters: Toronto, Ontario
- Services: Personal banking, business banking, and capital markets
- Website: cibc.com
Other Notable Banks
- National Bank of Canada (based in Montreal; strong in Quebec)
- HSBC Bank Canada (recently acquired by RBC as of 2023-2024)
- Laurentian Bank (smaller, regional bank primarily in Quebec)
- Desjardins Group (largest federation of credit unions in North America)
Digital/Online Banks in Canada
- Tangerine (owned by Scotiabank)
- Simplii Financial (owned by CIBC)
- EQ Bank
- Neo Financial
