The Big 5 Banks: Which Is The Biggest Bank in Canada? – PiggyBank (2024)

TD Bank is the largest bank in the country when measured by both assets and revenue, with $1.9 trillion in total assets as of October 31, 2022.

The Big Five Banks

The Canadian banking industry is dominated by only a handful of banks known informally as theBig Five.

These are Toronto-Dominion Bank (TD), Royal Bank of Canada (RBC), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC).

All five banks maintain their headquarters in Toronto on Bay Street.

Together, these banks constitute more than 85% of the Canadian banking industry.

A wide range of investors hold shares of each bank; by law, each entity or individual can own a maximum of 20% of the outstanding stock.

The Big Five also rank among the top 100 banks in the world.

Below is an overview of the Big Five banks by asset size (as of October 31, 2022) and net revenue (for the twelve months ending October 31, 2022)

Market Capitalization as of 2024-03-08 10:05:02

1. Toronto-Dominion Bank

As mentioned, TD is the largest bank in Canada by both assets and revenue, with assets of $1.917 trillion as of October 31, 2022 and revenue of $49.03 billion for the 2022 fiscal year.

Founded in 1955, TD was the product of a merger between the Bank of Toronto and the Dominion Bank.

Today, the bank provides a broad array of retail, commercial and investment banking products and services domestically and abroad, serving over 22 million customers.

It’s well-known for its extended branch hours, and markets itself as an accessible bank that caters to busy people with hectic schedules.

The bank employs over 90,000 people and operates over 1,100 branches across Canada.

Its subsidiaries include TD Securities, which provides investment banking services and TD Waterhouse, which offers financial planning and wealth management services.

TD reported a net income of over $17 billion for its 2022 fiscal year.

2. Royal Bank of Canada

RBC’s origins trace to 1864 in Halifax, Nova Scotia, where it began business providing financing to the fishing and timber industries in the Maritime Provinces.

Since then, it’s expanded to become the second-largest bank in Canada, with a balance sheet that lists over $1.917 trillion in assets.

In 2022, RBC also announced that it had entered into an agreement to acquire HSBC Canada, pending regulatory approval.

The bank divides its business operations into six segments: Personal and Commercial Banking, Wealth Management, Investor and Treasury Services, Capital Markets, Insurance, and Corporate Support.

RBC maintains a sizable global presence, with branches in more than 30 countries, including the United States and Caribbean region.

The bank boasts over 17 million clients and employs more than 89,000 people worldwide.

It’s also notable for having the most domestic branches and ATMs of any bank in Canada.

RBC earned a net income of more than $15.8 billion in its 2022 fiscal year.

3. Bank of Nova Scotia / Scotiabank

Scotiabank is the third-largest bank in Canada, with total assets valued at over $1.349 trillion.

It began operations in 1832 in Halifax, Nova Scotia.

Today, it provides a multitude of retail and commercial banking, wealth management, and corporate and investment banking services to over 25 million customers worldwide.

The bank employs more than 92,000 people.

Scotiabank has acquired many financial institutions over the years.

One of its most well-known subsidiaries is Tangerine Bank, an online bank that offers no-fee chequing and savings accounts.

It has also made purchases of overseas banks in dozens of countries, establishing a reputation as Canada’s premier international bank.

Scotiabank posted a net income of over $10.1 billion for its 2022 fiscal year.

4. Bank of Montreal

Coming in at number four on the list is BMO, a bank with assets valued at over $1,139 trillion.

BMO was formed in Montreal, Quebec in 1817, and is the oldest of the Big Five banks.

It employs a workforce of nearly 43,000 people that provides a wide range of banking services to over 12 million customers worldwide.

It has a network of more than 900 branches across Canada.

The bank obtains its revenue from three different “client groups”: Personal and Commercial Client Group (retail banking), Investment Banking Group (capital markets), and Private Client Group (wealth management).

BMO entered the American banking market in 1818 and continues operations south of the border under its subsidiary BMO Harris Bank.

The bank earned a net income of over $13.5 billion in its 2022 fiscal year.

5. Canadian Imperial Bank of Commerce

Canada’s fifth-largest bank is CIBC, whose balance sheet contains assets worth over $943 billion.

CIBC dates back to 1961 when it was formed through a merger of the Canadian Bank of Commerce and Imperial Bank of Canada.

The bank has over 45,000 employees and provides banking services to over 10 million customers worldwide.

In Canada, it has a network of over 1,100 branches.

Globally, it maintains operations in the United States, Asia, Europe, and the Caribbean.

It derives its income through three business units: Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets.

CIBC reported a net income of over $6.2 billion for its 2022 fiscal year.

Other Notable Canadian Banks

Though the Big Five constitute the bulk of Canada’s banking industry in terms of market share, many other smaller institutions thrive alongside them.

More than 80 banks operate in the country, consisting of domestic institutions, subsidiaries of foreign banks, and full-service branches of foreign banks.

National Bank of Canada

Founded in 1979, the National Bank of Canada is the leading bank in Quebec and the sixth-largest bank in Canada.

It reported over $403 billion in assets as of October 31, 2022.

The bank’s operations in Quebec account for much of its revenue. However, it’s expanded both domestically and internationally during the past 20 years, generating over40% of incomeoutside Quebec since 2017.

With a network of over 400 branches, the National Bank of Canada offers a comprehensive suite of banking products and services to more than 2.6 million customers across the country.

The bank reported a net income of $3.3 billion for fiscal 2022.

HSBC Bank Canada

HSBC Bank Canada has the distinction of being the largest foreign bank in the country, with total assets valued at over $134 billion as of September 30, 2022.

Incorporated in 1981, this Vancouver-based bank operates across the country as a subsidiary of HSBC Holdings plc, a British banking and financial services firm.

After completing a strategic review of the business, HSBC decided in 2022 that it was time to divest of their Canadian business to focus on growth opportunities in other countries.

The bank derives its income from three business lines: Commercial Banking, Global Banking and Markets, and Wealth and Personal Banking.

The bank employs over 5,000 people and has acquired numerous Canadian and American banks since the mid-90s to diversify its business operations.

The HSBC Bank of Canada reported over $578 million in net income for the nine months ending September 30, 2022.

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