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Big Five banks of Canada

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Not to be confused with Big Four (banking).

Big Six Canadian Banks

Big Six is the name colloquially given to the six largest banks that dominate the Canadian banking industry. These banks are classified by the Canadian Office of the Superintendent of Financial Institutions (OSFI) as Domestic Systemically Important Banks (DSIBs), and have met criteria as set by the Basel Committee on Banking Supervision for this classification.[1] The six banks classified as DSIBs are the following; Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada (NB), Royal Bank of Canada (RBC), Scotiabank (SB), and Toronto-Dominion Bank (TD).

Historically, the group was referred to as the Big Five, prior to the inclusion of National Bank as a DSIB.

Five of the Big Six Canadian Banks are headquartered in Toronto's Financial District, primarily along Bay Street, with the exception of National Bank, which is headquartered in Montreal.[2][3] All six banks are classified as Schedule I banks, regulated under the Federal Bank Act, and are all insured by the Canada Deposit Insurance Corporation (CDIC). The banks are publicly traded on the Toronto Stock Exchange, and shares are widely held across multiple entities, with any entity allowed to hold a maximum of twenty percent.[4] The Big Six banks regularly rank among the largest global banks, with RBC (24th), TD (28th), Scotiabank (37th), BMO (38th), and CIBC (49th) being listed on the S&P Global Ratings' 100 largest global banks list for 2024.[5] RBC and TD Bank are also Global Systemically Important Banks (GSIBs) as listed on the Financial Stability Board's list of systemically important banks, as of 2023.[6]

Overview[edit]

The Big Six banks, listed in order of total assets as of Q2 2024, are listed below. All monetary amounts are in billions of Canadian dollars ($CAD):

Official Name Operational Headquarters Founded
Assets ($CAD,Q2 2024)[edit]
 Market Cap ($CAD,Q2 2024) Annual Revenue ($CAD,2023) Branches (Canada) Employees (FTE)
Royal Bank of Canada Royal Bank Plaza, Toronto Halifax $2,031B[7] $204.95B[8] $56.25B[9] 1,247[10] 91,398[10]
Toronto-Dominion Bank Toronto-Dominion Centre, Toronto Toronto $1,967B[11] $133.27B[12] $59.92B[13] 1,062[14] 103,257[14]
Bank of Nova Scotia* Scotia Plaza, Toronto Halifax $1,399B[15] $79.89B[16] $31.78B[17] 947[18] 89,483[18]
Bank of Montreal First Canadian Place, Toronto Montreal $1,374B[19] $85.00B[20] $33.05B[21] 900[22] 55,767[22]
Canadian Imperial Bank of Commerce** CIBC Square, Toronto Toronto $1,002B[23] $63.02B[24] $23.29B[25] 1,001[26] 48,074[26]
National Bank of Canada Complexe Maisonneuve, Montreal Montreal $441.69B[27] $37.23B[28] $10.16B[29] 368[30] 28,961[30]

* Scotiabank also offers services under flanker brand Tangerine.

** CIBC also offers services under flanker brand Simplii Financial.

In modern history, RBC has always been the largest Canadian bank by a significant margin,[31] although TD Bank is only slightly smaller in terms of total assets. Up until the late 1990s, CIBC was the second largest,[32] followed by BMO, Scotiabank, and TD Bank.[33] During the late 1990s and beyond, this ranking changed due to several reorganizations and acquisitions. Royal Bank acquired Royal Trust in 1993,[34] while Scotiabank purchased National Trust in 1997. As Scotiabank found no merger partners among the other banks in the big five group, it ultimately expanded internationally and surpassed BMO in size. TD Bank merged with Canada Trust, which was for a long time the largest trust in Canada, thus cementing TD as the second largest bank in the country.[34] CIBC's first unsuccessful foray into the United States led it to shed assets and exit the market, dropping it to the number five spot.[35] National Bank has always been significantly smaller than the other five banks in this category.

Four of the Big Five Canadian banks have acquired independent investment banks, whose activities included corporate banking and full service brokerage. From 2000 onwards, these investment banking subsidiaries, RBC Dominion Securities, BMO Nesbitt Burns, CIBC Wood Gundy, and McLeod Young Weir Ltd., were all rebranded to RBC Capital Markets,[36] BMO Capital Markets,[37] CIBC World Markets, and Scotia Capital, respectively.[citation needed] Nonetheless, their bank holding company parent still use the old names as a brand for their full service brokerage under wealth management, plus the old name still remains the broker dealer subsidiary for their investment bank in Canada.

Other Large Canadian Banks[edit]

Canada also has multiple large banks that are not classified as DSIBs. All monetary amounts are in billions of Canadian dollars ($CAD):

Official Name Operational Headquarters Founded
Assets ($CAD,Q2 2024)[edit]
 Market Cap ($CAD,Q2 2024) Annual Revenue ($CAD,2023) Branches (Canada) Employees (FTE)
Equitable Bank Equitable Bank Tower, Toronto Toronto $53.94B[38] $3.46B[39] $1.00B[40] 0[41] 1,743[41]
Laurentian Bank of Canada 1360 René-Lévesque, Montreal Montreal $48.39B[42] $1.14B[43] $1.02B[44] 57[45] 2,941[45]
Canadian Western Bank* Canadian Western Bank Place, Edmonton Edmonton $41.95B[46] $4.04B[47] $1.11B[48] 40+[49] 2,505[49]

*In June 2024, National Bank announced its intention to acquire Canadian Western Bank. The closure of the acquisition is subject to federal approvals.[50]

Large Non-Bank Financial Institutions[edit]

Canada also has a grouping of large Non-Banking Financial Institutions (NBFIs) that offer financial services. All monetary amounts are in billions of Canadian dollars ($CAD):

Official Name Operational Headquarters Founded
Assets ($CAD, 2023/2024)[edit]
 Annual Revenue ($CAD,2023/2024) Branches (Canada) Employees (FTE)
Manulife Financial Corporation 200 Bloor East, Toronto Toronto $671.42B[51] $42.30B[52] Not Available Not Available
Desjardins Group Complexe Desjardins, Montreal Lévis $422.90B[53] $12.57B[53] 204[54] 56,165[54]
ATB Financial ATB Place, Edmonton Rocky Mountain House $60.38B[55] $2.02B[55] 146[56] 5,044[56]
WealthSimple 860 Richmond West, Toronto Toronto $38.70B[57] Not Available 0 600+[58]

Desjardins Group and ATB Financial are major regional financial institutions. Desjardins, a federation of 313 autonomous credit unions (French: caisses populaires), is one of the largest financial institutions in Quebec, and also operates in some regions of Ontario with substantial Franco-Ontarian populations. ATB Financial (formerly Alberta Treasury Branches) is a Crown corporation owned by the Alberta provincial government, originally established in 1938 after the province's attempt to impose social credit policies on federally-regulated banks failed. Manulife Financial Corporation is a major Canadian insurance company that also offers banking services. WealthSimple is an online investment management service owned by Power Corporation that offers savings accounts along with its slate of investment accounts and products.

Proposed Mergers[edit]

Domestic Mergers and Acquisitions[edit]

In 1998, BMO proposed a merger with RBC, around the same time that CIBC proposed to merge with the TD Bank.[34] The banks attempted to justify that these mergers would allow them to compete internationally with other financial institutions.[59] These mergers would have left Canada with only three major national banks. The mergers were reviewed by the Competition Bureau of Canada, which declared that negative effects (such as higher user fees and local branch closures) from the mergers would far outweigh the benefits of allowing the mergers to proceed. Ultimately, it was then Finance Minister Paul Martin who rejected both proposed mergers.[60] The issue since has not been revisited by succeeding Finance Ministers; it has been cited as a reason that the Canadian economy easily weathered the 2007 subprime mortgage financial crisis compared to other nations, and the aforementioned recognition of numerous Canadian banks on the Bloomberg 2011 list of twenty strongest large banks in the world.[61][62] In 2012, Scotiabank acquired ING Direct Canada,[63] which is now known as Tangerine Bank, Scotiabank's online flanker brand. In 2024, RBC finalized the acquisition of HSBC Bank Canada,[64] which at the time, was Canada's 7th largest bank. These transactions marked the end of foreign bank brands having prominent presence in Canada.

Foreign Acquisitions[edit]

The weakness of the Canadian Dollar (CAD) and high U.S. bank stock prices were commonly cited as obstacles to purchasing assets south of the border. However, the 2007-2008 Financial Crisis reversed this trend. In the aftermath of the crisis, the CAD steadily climbed against the U.S. Dollar (USD), achieving parity in early 2008 and trading at a higher rate than the USD until the 2014 Oil Crash. The strength of the Canadian dollar and the relative weakness of U.S. bank prices led commentators to suggest that the Big Six (at the time, Big Five) banks could consider an expansion into the United States. As of 2024, all major Big Six banks have a presence outside of Canada, largely in part due to acquisitions made during this time period.

Royal Bank of Canada[edit]

RBC's US-based subsidiary, RBC Bank (Georgia) N.A., was formed as a result of the acquisition of Centura Bank in 2001, but grew with further acquisitions of AmSouth Bancorporation in 2007 and Alabama National Bancorporation in 2008.[65] It had a major presence across the US Southeast, until it sold its US division to PNC Financial Services in 2011.[66] RBC re-entered the US market with the acquisition of City National Bank in 2011. This bank still retains its original name and is a US federally chartered bank, and is currently the 29th largest bank in the United States.

Toronto Dominion Bank[edit]

TD's US-based subsidiary, TD Bank N.A., is a US federally chartered bank that was formed in 2004 with the acquisition of Banknorth.[67] Further growth came with the acquisition of First Omaha Securities (TD Ameritrade) in 2006, and South Financial Group in 2008.[68] TD Ameritrade was eventually sold to Charles Schwab Corporation in 2020,[69] to finance the acquisition of Cowen, a US brokerage firm, in 2022.[70] TD also attempted to purchase First Horizon Bank in 2021, but scrapped the proposed acquisition in 2023.[71] TD's US presence is largely concentrated on the East Coast, and is currently the 10th largest bank in the United States.

Scotiabank[edit]

Scotiabank has historically focused on international expansion in the Caribbean, Central America, and South America. In 2011, Scotiabank acquired a controlling stake of Colpatria, a major bank in Colombia.[72] In 2015, Scotiabank acquired Citigroup's retail banking operations in Panama and Costa Rica.[73] In 2018, Scotiabank acquired a majority stake in BBVA's Chilean subsidiary.[74] In 2019, Scotiabank sold its Puerto Rico and US Virgin Islands operations to OFG Bancorp.

Bank of Montreal[edit]

BMO's US-based subsidiary, BMO Bank N.A., is a US federally chartered bank that was formed in 1984 with the acquisition of Harris Bank. Expansion continued with the acquisitions of Suburban Bancorp in 1994, Marshall & Ilsley in 2011, and Bank of the West in 2023. It has a national presence across the US, but its footprint is predominantly focused on the West Coast and in the Midwest, and is currently the 15th largest bank in the United States.

Canadian Imperial Bank of Commerce[edit]

CIBC's US-based subsidiary, CIBC Bank USA, was formed in 2017 with the acquisition of ThePrivate Bank,[75] following an earlier attempt in 2000 to enter the US market. Its initial attempt, the establishment of CIBC National Bank and acquisition of Amicus Federal Savings Bank, ended in voluntary liquidation in 2003.[76][77][78] It also has a major presence in the Caribbean, operating CIBC Caribbean, itself a product of an initial joint venture between CIBC and Barclays PLC founded in Barbados in 2002, before being bought out in entirety by CIBC in 2006.[79] CIBC also acquired a portion of Butterfield Bank in Bermuda in 2010.[80]

National Bank of Canada[edit]

National Bank's presence outside of Canada is limited. Its US-based subsidiary, Natbank, currently operates only in the state of Florida.[81] In 2016 and 2019, it acquired ABA Bank of Cambodia.[82]

Banking regulation[edit]

Main article: Banking in Canada § Regulation

Canada's federal government has sole jurisdiction for banks according to the Canadian Constitution, specifically Section 91(15) of The Constitution Act 1867 (30 & 31 Victoria, c.3 (UK)), formerly known as the British North America Act 1867.[83] Meanwhile, credit unions/caisses populaires, securities dealers and mutual funds are largely regulated by provincial governments.[84]

The main federal statute for the incorporation and regulation of banks, or chartered banks, is the Bank Act (S.C. 1991, c.46), where Schedules I, II and III of this Act list all banks permitted to operate in Canada under these three distinct categories.[85]

See also[edit]

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