List of Banks in Canada

Big Five is the name given to the five biggest banks that dominate the banking industry in Canada.

All five banks are operationally headquartered in Toronto, Ontario and listed below. There are more banks listed below but the big five are the most known and the oldest.

1) Royal Bank of Canada

royal bank of canadaThe Royal Bank of Canada is the largest Canadian bank by revenue and market capitalization.

They provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis.

They have over 80,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 37 other countries.

2) Toronto Dominion Bank


Headquartered in Toronto, Canada, with more than 80,000 employees in offices around the world, The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (TD).

TD offers a full range of financial products and services to more than 24 million customers worldwide through three key business lines:

  • Canadian Retail including TD Canada Trust, Business Banking, TD Auto Finance (Canada), TD Wealth (Canada),TD Direct Investing and TD Insurance
  • U.S. Retail including TD Bank, America’s Most Convenient Bank, TD Auto Finance (U.S.), TD Wealth (U.S.) and TD’s investment in TD Ameritrade
  • Wholesale Banking including TD Securities

3) Bank of Montreal


They provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis.

The Bank of Montreal, operating as BMO Financial Group, is a Canadian multinational banking and financial services corporation. One of the Big Five banks in Canada, it is the fourth-largest bank in Canada by market capitalization and assets, as well as one of the ten largest banks in North America. It is commonly known by its acronym BMO, which is also its stock symbol on both the Toronto Stock Exchange and the New York Stock Exchange.

4) ScotiaBank

Scotia bank of canada

They provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis.

The Bank of Nova Scotia, operating as Scotiabank (French: Banque Scotia), is a Canadian multinational bank. It is the third largest bank in Canada by deposits and market capitalization. It serves more than 24 million customers in over 50 countries around the world and offers a range of products and services including personal and commercial banking, wealth management, corporate and investment banking. With a team of more than 88,000 employees and assets of $915 billion (as at October 31, 2017), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS).

5) Canadian Imperial Bank of Commerce


The Canadian Imperial Bank of Commerce commonly referred to as CIBC, is one of the Big Five banks in Canada. The bank is headquartered at Commerce Court in Toronto, Ontario. CIBC’s Institution Number (or bank number) is 010, and its SWIFT code is CIBCCATT.

The Canadian Imperial Bank of Commerce was formed through the June 1, 1961 merger of the Canadian Bank of Commerce (founded 1867) and the Imperial Bank of Canada (founded 1873), the largest merger between chartered banks in Canadian history.

They provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis.

List of all Domestic banks in Canada

B2B Bank

B2B Bank is a Schedule I Canadian bank that serves a network of some 27,000 financial professionals across key business verticals including: financial advisors and their dealerships; deposit and mortgage brokers and their firms; mutual fund and insurance manufacturers; MFDA and IIROC members.

Bridgewater Bank

Bridgewater Bank is a Canadian Schedule I chartered bank based in Calgary, Alberta, Canada. Wholly owned by the Alberta Motor Association (AMA), the bank specializes in competitive residential mortgages and deposit products through a select network of brokers.

Canadian Tire Bank

Canadian Tire Financial Services, doing business as Canadian Tire Bank is the financial services subsidiary of the Canadian Tire retail chain. The bank is based in Oakville and has additional business operations in St. Catharines and Welland.

Canadian Western Bank 

The Canadian Western Bank is a bank that is based in Edmonton, and which operates primarily in western Canada. The bank serves personal and commercial clients in Western Canada.

Citizens Bank of Canada

Vancity Community Investment Bank, formerly known as Citizens Bank of Canada, is a British Columbia, Canada-based direct bank owned by Vancity.

The bank operated three branches, one each in Calgary, Vancouver and Toronto.

Street Capital Bank of Canada

Granted schedule 1 status in December 2016. Commenced operations on February 1, 2017

Continental Bank of Canada

The first Continental Bank had its origins in 1925 when the Industrial Acceptance Corporation was founded. It became IAC, a financing company, in 1970. Continental Bank of Canada was chartered in 1977 when IAC decided to expand the scope of operations, and began business in June 1979. It had its head office at 130 Adelaide St. West, Toronto. In 1981, it was Canada’s ninth-largest bank with 70 branches across the country, and assets at June 30 of $1.6 billion. Also in that year, Continental Bank absorbed its parent company, IAC.

Concentra Bank

Concentra is a Canadian wholesale bank and trust company, providing financial and trust solutions to over 300 Canadian credit unions. Concentra is owned by its members who include credit unions, provincial credit union centrals and other financial co-operatives. Concentra Trust is a wholly owned subsidiary of Concentra Bank and provides trust services through credit unions across Canada.

CS Alterna Bank

Alterna Savings & Credit Union Ltd. is a Canadian credit union, formed in 2005 by the merger of CS CO-OP and Metro Credit Union, which provides full daily banking services, loans and mortgages, investment services and business banking. At the close of 2016 Alterna Savings had CN$5.2 billion in assets under management and approximately 143,000 members. It had 24 branches in Ottawa, Kingston, North Bay, Pembroke and Toronto. It also provides service across Canada through its subsidiary, Alterna Bank, which has two branches in Gatineau, Quebec.

DirectCash Bank

arms-length relationship with DirectCash Payments Inc.

Equitable Bank

Equitable Bank is a Canadian bank founded in 1970. The bank provides residential and commercial real estate lending services. In 2013, it became a Schedule I Bank offering savings products. It is now Canada’s ninth largest independent bank, with more than $17 billion in assets under management. As of June 2017, the bank had over $10 billion in deposits. Equitable Bank, including its EQ Bank digital banking service, is a member of the Canada Deposit Insurance Corporation.

Exchange Bank of Canada

Exchange Bank of Canada is a Schedule 1 domestic bank in Canada. EBC is a subsidiary of Currency Exchange International and specializes in wholesale foreign exchange solutions to financial institutions and businesses.

First Nations Bank of Canada

First Nations Bank of Canada (FNBC) is the first Canadian chartered bank to be independently controlled by Aboriginal shareholders. FNBC is a Schedule 1 Federally Regulated Bank in accordance with the Bank Act received its charter on November 19, 1996. The Bank headquarters are located in Saskatoon, Saskatchewan, Canada.

Hollis Canadian Bank

formerly Dundee Bank of Canada, subsidiary of Scotiabank

Home Bank

Operates as part of Oaken Financial, which is owned by Home Capital Group. Home Bank began as CFF Bank, which was formed through the acquisition of MonCana Bank by Canadian First Financial.CFF Bank became Home Bank in August 2016.

Laurentian Bank of Canada

The Laurentian Bank of Canada (LBC) is a financial institution founded in 1846 whose activities extend across Canada. The Bank caters to the needs of retail clients via its branch network based in Quebec. The Bank also stands out for its know-how among small and medium-sized enterprises and real estate developers owing to its specialized teams across Canada. Its subsidiary B2B Bank is, for its part, one of the major Canadian leaders in providing banking products and services and investment accounts through independent advisors and brokers. Laurentian Bank Securities offers integrated brokerage services to a clientele of institutional and retail investors.

Manulife Bank of Canada

Manulife Bank of Canada is a wholly owned subsidiary of Manulife. It offers high-interest chequing & savings accounts, credit cards, lines of credit and mortgages, including Manulife One. Since it was established in 1993, Manulife Bank has grown to more than $22 billion in assets[1] and serves customers across Canada. Manulife Bank headquarters are in Waterloo, Ontario.

Manulife Bank distributes its products and services through independent financial advisors, mortgage brokers and a Canada-wide network of more than 200 mortgage specialists.

Manulife Bank does not have any physical branches, however customers can access their accounts using a mobile banking app, online banking and Interactive Voice Response (IVR) telephone banking. In addition, customers can make debit purchases using their access cards, write cheques and make surcharge-free Automated Banking Machine (ABM) transactions at thousands of ABMs across Canada through The Exchange Network

National Bank of Canada

The National Bank of Canada is the sixth largest commercial bank in Canada. It is headquartered in Montreal and has branches in most Canadian provinces and 2.4 million personal clients. National Bank is the largest bank in Quebec, and the second largest financial institution in the province, after Desjardins.

President’s Choice Bank

President’s Choice Financial, commonly shortened to PC Financial, is the financial service brand of the Canadian supermarket chain Loblaw Companies.

Two different wholly owned subsidiaries of Loblaw Companies provide services under the President’s Choice Financial brand: MasterCard credit card services are provided by the federally chartered. President’s Choice Bank and insurance is provided by PC Financial Insurance Brokers.

Rogers Bank

Rogers Bank is a Canadian financial services company wholly owned by Rogers Communications. Rogers applied to the Minister of Finance under the Bank Act for permission to start a Schedule I bank (domestic bank that may accept deposits) in summer 2011.

Royal Bank of Canada

The Royal Bank of Canada (RBC) is a Canadian multinational financial services company and the largest bank in Canada. The bank serves over 16 million clients and has 80,000 employees worldwide. The bank was founded in 1864 in Halifax, Nova Scotia, while its corporate headquarters are located in Montreal, Quebec and Toronto, Ontario. RBC’s Institution Number (or bank number) is 003. In November 2017, RBC was added to the Financial Stability Board’s list of global systemically important banks.

Tangerine Bank

Tangerine Bank, operating as Tangerine, is a Canadian direct bank and a subsidiary of Scotiabank. It offers no-fee chequing and savings accounts, Guaranteed Investment Certificates (GIC), mortgages, and mutual funds (through a subsidiary). Many savings and investment products are eligible for registration under a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), or Registered Retirement Income Fund (RRIF). Despite being a subsidiary of Scotiabank it retains its former separate Institution Number 614.

Founded by ING Group in 1997 as ING Direct Canada, the bank was acquired by Scotiabank in 2012. The new name for the bank was revealed in November 2013, and was rolled out beginning in April 2014.

Toronto-Dominion Bank

The Toronto–Dominion Bank is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. Commonly known as TD and operating as TD Bank Group, the bank was created on February 1, 1955 through the merger of the Bank of Toronto and The Dominion Bank, which were founded in 1855 and 1869, respectively. TD’s Institution Number (or bank number) is 004. The have the highest mortgage prime rate in the market, higher than most other banks in Canada.

TD Bank Group is the largest bank in Canada by total assets, second largest by market capitalization, and a top-10 bank in North America. Globally, it ranks as the 26th largest bank in the world, according to Standard & Poor’s.



VersaBank, formerly Pacific & Western Bank of Canada, is a Canadian chartered bank that was founded in Saskatoon, Saskatchewan in 1980 as a trust company. It later moved its head offices to London, Ontario, and on August 1, 2002, it was granted a Schedule I Canadian chartered bank license by the Canadian federal government, the first in approximately 18 years. The bank is publicly traded as VB on the Toronto Stock Exchange.

VersaBank is a branchless financial institution, choosing to invest instead in a technology-based platform. Entrepreneur and founder of the bank, David Taylor, designed the electronic branchless platform. Beginning in 1993, the existing Pacific & Western Bank, a small trust company with six branches and a need for capital investment, reconfigured itself into a branchless bank based on online banking.

Wealth One Bank of Canada

Wealth One Bank of Canada (WOBC) is a Canadian Schedule I bank opened in 2016 with a focus on providing services to Chinese-Canadians. It provides banking services online and through retail offices in Toronto and Markham, Ontario, and in Vancouver, British Columbia.

Zag Bank

Zag Bank (formerly Bank West) is a chartered bank that was founded in High River, Alberta in 2002. The bank is wholly owned by Desjardins Group.

The Western Financial Group initially focused on insurance consolidation, but expanded into banking in 2002, when Bank West was established. The bank maintained offices in High River and Winnipeg. The bank acquired Ubiquity Bank in November 2007 and Agrifinancial in February 2009. In 2010, Western Financial was acquired by the Desjardins Group and the transaction was completed in 2011. In 2014, the Desjardins Group changed the name of Bank West to Zag Bank.

List of banks that aresubsidiaries of foreign banks operating in Canada

Bank Parent Country
AMEX Bank of Canada  USA
Bank of America Canada  USA
Bank of China (Canada)  China
Bank of Tokyo-Mitsubishi UFJ (Canada)  Japan
Bank One Canada  USA
BNP Paribas (Canada)  France
BofA Canada Bank  USA
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
KEB Hana Bank Canada  South Korea
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
Walmart Canada Bank  USA