List of Big Five Banks of Canada.
There are more than thirty Schedule 1 banks, or domestically held banks, in Canada’s banking industry. The Big Five, though, are the ones that draw the most attention.
Maybe the Big Six?
You’ve probably heard both phrases when talking about the biggest financial institutions in Canada. There is no guilt in getting dealt a fiver or a sixer because both are technically correct.
But if you’re interested in learning the meanings of the two names, we’ve got you covered.
Here, we help get the answers about the Big Five Banks In Canada. When people refer to the Big Five in Canada, they really do mean the five largest banks in Canada.
Depending on how they are classified — by earnings, total assets, or market capitalization — these banks’ relative standings can change, but the Big Five consistently outperform all other Canadian banks in every significant category. The group’s members haven’t changed in decades.
What Are the Big Five Banks In Canada?
The Royal Bank of Canada, The Bank of Montreal, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, and Toronto-Dominion Bank are the five biggest banks in Canada.
The National Bank of Canada is the sixth bank in the statement “Big Six Banks,” which is occasionally used. According to total assets, the Big Six Banks and Desjardins Group are the biggest banks in Canada as of January 2021.
The Five Big Banks are headquartered in Toronto and have assets of over $100 billion.
The Full List of 5 Canada’s Big Banks
Here’s are the Big Five banks in Canada ranked in terms of net revenue at the end as at the time of writing this article:
- Royal Bank of Canada (RBC) — $49.69 billion
- Toronto-Dominion Bank (TD) — $42.69 billion
- Bank of Nova Scotia (Scotiabank) – $31.25 billion
- Bank of Montreal (BMO) — $27.19 billion
- Canadian Imperial Bank of Commerce (CIBC) — $20.02 billion
One thing you’ll notice is that each of the Big Five Banks in Canada has a major national presence. That can’t be said for the institution that gets included in the Big Six.
The Big 5: The biggest of Canada’s big banks
Here is why the below banks are noted as the big 5 biggest of Canada’s big banks:
1. Royal Bank of Canada
In terms of capitalization ($132.5 billion in 2020) and net revenue ($11.4 billion in 2020), the Royal Bank of Canada is the largest of the Big Five. Over 1,300 branches, over 86,000 full-time staff, and over 17 million customers worldwide make up The Royal Bank of Canada.
The lumber and forestry businesses were funded by the bank, which was established in Halifax, Nova Scotia, in 1864. It was referred to as the Halifax Merchants Bank.
2. Toronto-Dominion Bank
The Toronto-Dominion Bank, the second-largest bank in Canada, has the biggest assets, valued at C$1.7 trillion as of January 2021. This bank has more than 1,100 locations, 25,000 employees, and over 9.6 million customers globally.
In 1955, the Bank of Toronto and the Dominion Bank merged to form the bank.
3. Bank of Nova Scotia
With assets assessed at C$1.1 trillion at year’s end 2020, revenue of C$31 billion in 2020, and capitalization of C$67 billion, The Bank of Nova Scotia, also known as Scotiabank, is Canada’s second-largest bank. The bank has more than 900 locations around the country, over 11 million customers in Canada, 10 million customers outside of Canada, and 92,000 full-time employees. This bank provides trading on the Toronto and New York Stock Exchanges.
The Nova Scotia bank, which was established in Halifax in 1832, relocated its corporate headquarters to Toronto in 1900 to advance the transatlantic trade sector.
4. Bank of Montreal
The Bank of Montreal, which has assets at $949 billion and revenue of C$25 billion at the end of 2020, is the fourth-largest bank in Canada. The bank has about 900 locations and more than 8 million customers in Canada. As of Q2 2021, the bank had over 42,000 workers across the globe.
The Bank has continuously made dividend payments despite crises including World War I, the Great Depression, World War II, and the 2008 Global Financial Crisis.
5. Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce has 770 billion dollars in assets, C$18.7 billion in projected revenue for 2020, and C$44 billion in capitalization. Over 44,000 full-time workers and 1,100 branches across Canada comprise the bank’s global clientele of over 11 million.
The Canadian Bank of Commerce and the Imperial Bank of Canada amalgamated to become the bank in 1961.
The Big 6: Adding a major regional bank to the mix
The National Bank of Canada, which largely serves Quebec and New Brunswick, is referred to as one of Canada’s “Big Six” banks.
National Bank, a regional player, is actually the sixth-largest bank in the nation.
However, even though it generates billions in income each year, none of the Big Five generate more money than it does.
It is appropriate to include National Bank in a discussion of Canada’s largest banks, but doing so also acknowledges the fact that a bank need not have its headquarters in Toronto in order to be taken seriously.
(Montreal is the location of the National Bank).
Therefore, whether you refer to Canada’s financial behemoths as the “Big Five” or the “Big Six,” you are correct.
The only difference is that “Big Six” is a little more comprehensive and, in the case of National Bank, perhaps a little too generous.
Knowing the origins of both names may not be the kind of information that will help your finances, but it may give you a slight advantage over your rivals the next time you participate in an extremely dull trivia night.
Final Thought on Big Five Banks Of Canada
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Read more about the Big 5 Banks In Canada at Wikipedia.org.