Ranked in order, these are biggest and richest banks in Canada, with the top 5, also commonly known as the “The Big Five”… are among the biggest banks in the world.
1. Royal Bank of Canada (RBC)
Not into sports as the other banks below, but The Royal Bank of Canada is the richest and largest private commercial bank in Canada. It is also one of the most important and recognized bank in the world. The bank has operations in multiple countries around the world, including the United States. They are a very, very successful bank, and have clients from all sectors of the Canadian economy. They have total assets of over 1.2 trillion dollars.
2. Toronto–Dominion Bank (TD)
In a close second is TD with total assets of 1 trillion dollars. Not the richest, but perhaps the most popular bank in all of Canada. They are very good at targeting new immigrants just arriving in Canada, so it is almost the newcomer’s bank of choice. Not as strong internationally but they have a very strong presence in the United States, especially in Massachusetts. One of the most famous arenas in the world, the TD Garden in Boston is sponsored and named after the bank. They are also the official bank of the Boston Celtics of the NBA.
3. Scotiabank (The Bank Of Nova Scotia)
In 3rd place is Canadian expats most favourite bank, the Bank of Nova Scotia trading as Scotiabank. Scotiabank has a very strong presence in Latin American countries such as the Dominican Republic, Mexico and Jamaica so it is the bank of choice for you if you ever decide to move Latin America. They are a very intelligent and disciplined bank and have made many wise acquisitions. It has total assets of over 998 billion dollars. They are the new sponsors of the Scotiabank Arena in Toronto, home of the Toronto Raptors and the Toronto Maple Leafs.
4. Bank of Montreal (BMO)
Our official bank here at factsaboutcanada.ca (for the time being, we are considering moving to Scotiabank in the near future), anyway… BMO or Bank of Montreal is Canada’s 4th largest bank with total assets of just over 545 billion dollars. They are very active in the sports world and used to be the Toronto Raptors’ official bank. Not as strong internationally, but have a strong presence in the United States. BMO is the oldest bank in Canada and one of the oldest in the world.
5. Canadian Imperial Bank of Commerce (CIBC)
Rounding out what is generally known as the “Big Five” is the 5th largest bank in Canada – CIBC; Canadian Imperial Bank of Commerce. It is not the largest but is the go-to bank for many small to medium businesses in Canada. Not as strong internationally or across Canada as the other top 4 banks, but they have a very strong presence in Ontario.
6. National Bank of Canada (NBC)
Some people confuse them with the Bank of Canada due to the name “National”. The National Bank of Canada is a private commercial bank that has shareholders and operates for profit. They are the 6th largest bank in Canada with assets of about 245 billion dollars. They are 6th in the country, but they are the largest bank in the province of Quebec.