By The availability of banks in a country plays a crucial role in supporting its economy. Just like the list of the largest banks in Canada, which helps facilitate credit distribution and even enhances investment and economic growth through banking services.
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It’s no wonder that their role is vital in providing financing for small to medium-sized enterprises as a significant economic resource for the people of Canada. The presence of banking indeed becomes a solution to address various financial needs of the people.
Largest Banks in Canada
1. Royal Bank of Canada
This bank not only stands as the largest bank in Canada but also as the largest company in Canada. It is actually a major trademark used by all its business units and subsidiaries.
In Canada, this bank operates under the name RBC Royal Bank, combining the RBC and Royal Bank trademarks, well-known in Canada. It offers various services through its business divisions, including RBC Capital Markets, RBC Dominion Securities (investment brokerage), RBC Insurance, and RBC Direct Investing (online investment).
Moreover, in the southeastern United States, RBC operates retail banking under the name TBC Bank. As of 2008, RBC is the largest financial institution or bank in Canada in terms of assets and market capitalization, with over 1,500 branches across Canada, branches in 46 countries, and serving clients in 150 countries.
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2. Bank of Montreal
Established in 1817 in Montreal, Quebec, Bank of Montreal is a multinational investment bank and financial services company. It is the oldest bank in Canada and ranks 84th on the Forbes Global 2000 list in 2023. The bank’s headquarters are in Montreal, with operational executive offices in Toronto, Ontario, since 1977.
The bank is commonly known by its stock symbol BMO on the Toronto Stock Exchange and the New York Stock Exchange. On December 12, 2021, Bank of Montreal announced its strategic acquisition of Bank of the West from BNP Paribas for $16.3 billion USD.
3. The Toronto-Dominion Bank
The largest bank in Canada, also operating as a national bank in the United States, The Toronto-Dominion Bank is a multinational subsidiary of the TD Bank Group. It operates extensively along the East Coast, with branches in 15 U.S. states and Washington, DC, making it the 7th largest bank in the United States by deposits and the 11th-largest by assets.
Its operational headquarters are in Cherry Hill, New Jersey, about 8 miles outside Philadelphia. TD Bank is a federally chartered bank, hence the “NA” in its name, with a long history leading up to its current position.
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4. The Bank of Nova Scotia
The Bank of Nova Scotia, headquartered in Toronto, Ontario, is the largest bank in Canada and a multinational banking and financial services company. It is one of the five largest banks in Canada, ranking third in Canada based on deposits and market capitalization.
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In 2023, it ranked 88th on the Forbes Global 2000 list. The bank serves over 25 million customers worldwide and offers various products and services, including personal and commercial banking, corporate and investment banking, and wealth management. It was founded in 1832 in Halifax, Nova Scotia, and later moved its headquarters to Toronto in 1900.
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5. Canadian Imperial Bank of Commerce
Based in CIBC Square in the Financial District of Toronto, Ontario, the Canadian Imperial Bank of Commerce (CIBC) is a multinational banking and financial services corporation formed by the merger of the Canadian Bank of Commerce (founded in 1867) and the Imperial Bank of Canada (founded in 1873) in 1961.
It is one of the Big Five banks in Canada, along with the Toronto-Dominion Bank. CIBC operates four strategic business units: Canadian commercial banking and wealth management, Canadian personal and business banking, capital markets, and U.S. commercial banking and wealth management.
CIBC also has international operations in the Caribbean, the United States, the United Kingdom, and Asia, serving over 11 million clients globally with over 40,000 employees.
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These are some of the largest banks in Canada, supporting the economy and assisting in the investment process. Each bank has its own vision and mission, but they all play a crucial role in providing solutions, especially in addressing various financial challenges.
