The big six banks in Canada is a term used to describe the top banks. This list includes the Royal Bank of Canada, Toronto Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), and National Bank of Canada (NBC).
The Big Six banks are a crucial part of the Canadian financial system. So, how they finance their business activities and the quality of services they offer is fundamental to their effective functioning.
Talking in terms of net revenue at the end of 2021, here's how the the Big Five banks have been ranked:
Now, let's get an idea of The Big 6 Banks in Canada:
The Royal Bank of Canada (RBC) and its affiliates conduct business as a diverse provider of financial services. Worldwide, RBC provides services and products in personal and business banking, wealth management, insurance, investment services, and capital markets.
RBC has more than 17 million clients and 86,000 employees.
The three business segments of TD Bank Group—which includes Toronto-Dominion Bank and its affiliates—are Canadian retail, US retail, and wholesale banking.
With CAD$1.7 trillion in assets as of July 2020, TD Bank Group offers services to more than 26 million customers globally. With over 14 million active online and mobile customers, TD also ranks among the top online financial services firms.
The third largest bank in Canada is the Bank of Nova Scotia (Scotiabank). More than 10 million people use Scotiabank in its native country, and another 15 million do so globally.
Given its presence in Latin America, the Caribbean, and sections of Asia, and Europe, many people consider Scotiabank to be one of Canada's most global banks.
In 1817, the Bank of Montreal (BMO) was founded. BMO Financial Group is a diverse provider of financial services today, ranking eighth in North America in terms of assets under management (AUM).
BMO offers a range of retail banking, wealth management, and investment banking services and products to its more than 12 million customers.
The Canadian Imperial Bank of Commerce was founded in 1961 as a result of the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, and it has its headquarters in Toronto, Ontario.
At the time, this was Canada's largest merger of licensed banks. Along with its peers in the Bix Six Banks, CIBC has operations globally and serves more than 10 million clients.
The National Bank of Canada, which has its main office in Montreal, is the sixth-largest commercial bank in the country. Nearly all of the Canadian provinces have branches of the bank, which employed over 21,000 people in 2020.
Additionally, it maintained several worldwide subsidiaries, partnerships, and representative offices that catered to both Canadian and foreign customers.
Banking in Canada is reliable and convenient, though not always free. With some research, you can find out which is the best bank in Canada for you. And, this list of the big six banks in Canada will surely guide you towards a great banking experience.