List of banks and credit unions in Canada

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The main Montreal branch of the Bank of Montreal, Canada's oldest bank.

This is a list of banks in Canada, including chartered banks, credit unions, trusts, and other financial services companies that offer banking services and may be popularly referred to as "banks".

Banks by legal classification[edit]

Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks.

For a greater explanation of the classifications, see Banking in Canada and Canada Bank Act

Schedule I banks (domestic banks)[edit]

Place Ville-Marie is the home to the Montreal offices of the Royal Bank of Canada

Under the Canada Bank Act, Schedule I are banks that are not a subsidiary of a foreign bank, i.e., domestic banks, even if they have foreign shareholders. There are 29 domestic banks as of February 2014.[1]

B2B Bank2012Toronto
Bank of Montreal1817Montreal
Bank of Nova Scotia1832Torontooperating as "Scotiabank"
Bank West2002High River, Albertaowned by Desjardins Group since 2011
Bridgewater Bank2006Calgary[2]
Canadian Imperial Bank of Commerce1867Toronto
Canadian Tire Bank1968Oakville, Ontario
Canadian Western Bank1985Edmonton
Citizens Bank of Canada1997Vancouverthe bank has become a 'non-deposit taking bank' and therefore no longer offers savings and loans products[citation needed]
CFF Bank2013Oakville, OntarioFormed through acquisition of MonCana Bank by Canadian First Financial[3]
Continental Bank of Canada2013Whitby
CS Alterna Bank2000Ottawa
DirectCash Bank2007CalgaryArms-length relationship with DirectCash Payments Inc.[4]
Equitable Bank2013Toronto[5]
First Nations Bank of Canada1996Saskatoon
General Bank of Canada2005Edmonton[2]
Hollis Canadian Bank1998TorontoFormerly Dundee Bank of Canada, subsidiary of Scotiabank
HomEquity Bank2009Toronto[2]
ING Bank of Canada2013TorontoPurchased by Scotiabank November 2012, [6] planned name change to Tangerine in spring 2014[7]
Jameson Bank2008TorontoSpecializes in foreign exchange[2]
Laurentian Bank of Canada1846Montreal
Manulife Bank of Canada1993Toronto
National Bank of Canada1859Montreal
Pacific & Western Bank of Canada1980London, Ontario
President's Choice Bank1996Toronto
RedBrick Bank2013Oakville, Ontario
Rogers Bank2013TorontoOwned by Rogers Communications[8]
Royal Bank of Canada1864Montreal[9]
Toronto-Dominion Bank1955Torontooperating as "TD Canada Trust"; formed by the merger of two banks founded in 1855 and 1869

Schedule II banks (Canadian banks that are subsidiaries of foreign banks)[edit]

The Toronto branch of the Bank of China (Canada).

As of September 2013, there were 24 of these banks in Canada, however 3 were in liquidation.[1]

BankParent CountryNotes
AMEX Bank of Canada USA
Bank of America Canada USA(in voluntary liquidation)
Bank of China (Canada) China
Bank of Tokyo-Mitsubishi UFJ (Canada) Japan
Bank One Canada USA(in voluntary liquidation)
BNP Paribas (Canada) France
BofA Canada Bank USA
Citco Bank Canada USA
Citibank Canada USA
CTC Bank of Canada Taiwan
Habib Canadian Bank  Switzerland
HSBC Bank Canada UK
ICICI Bank Canada India
Industrial and Commercial Bank of China (Canada) China
J.P. Morgan Bank Canada USA
J.P. Morgan Canada USA(in liquidation)
Korea Exchange Bank of Canada South Korea
Mega International Commercial Bank (Canada) Taiwan
Shinhan Bank Canada South Korea
Société Générale (Canada) France
State Bank of India (Canada) India
Sumitomo Mitsui Banking Corporation of Canada Japan
UBS Bank (Canada)  Switzerland
Walmart Canada Bank USA

Schedule III banks (foreign banks with branches in Canada)[edit]

Full service[edit]

As of September 2013, there were 24 such banks in Canada.[1]

BankParent CountryNotes
Bank of America, National Association USA
Bank of New York Mellon (The) USA
Barclays Bank PLC (Canada Branch) UK
Capital One Bank (Canada Branch) USA
Citibank, N.A. USA
Comerica Bank USA
Deutsche Bank AG Germany
Dexia Crédit Local S.A. France Belgium
Fifth Third Bank USA
First Commercial Bank Taiwan[10]
HSBC Bank USA, National Association USA
JPMorgan Chase Bank, National Association USA
M&T Bank USA
Maple Bank GermanyHolding group is based in Canada, but chartered through a subsidiary German bank[11]
Mizuho Corporate Bank, Ltd., Canada Branch Japan
Northern Trust Company, Canada Branch (The) USA
Rabobank Nederland Netherlands
Royal Bank of Scotland N.V. UK
Société Générale (Canada Branch) France
State Street USA
U.S. Bank National Association USA
UBS AG Canada Branch  Switzerland
United Overseas Bank Limited Singapore
Wells Fargo Bank, National Association, Canadian Branch USA

Lending only[edit]

There were 4 such banks in Canada in September, 2013.[1]

BankParent CountryNotes
Credit Suisse, Toronto Branch  Switzerland
Merrill Lynch International Bank Limited USA
PNC Bank Canada USA
Union Bank of California, N.A. USA

Government-owned banks[edit]

The Bank of Canada Building in Ottawa is the headquarters of the country's central bank.

Bank of Canada[edit]

Bank of Canada (Central Bank)

Business Development Bank of Canada[edit]

Business Development Bank of Canada

Farm Credit Canada[edit]

Farm Credit Canada - Government-owned Farm Credit is not a deposit-taking bank. It is, however, a major lender to the agriculture and agri-food industries.

Alberta Treasury Branches[edit]

An ATB Financial branch in Edmonton.

Alberta Treasury Branches, or ATB Financial, is a unique, provincially owned company that provides banking services, but for legal reasons is not considered a bank. It was created during the Great Depression by the government of William Aberhart under the influence of the strongly anti-bank economic ideology called Social Credit. The Social Credit Party of Alberta, won the 1935 election in part on a platform that argued for the nationalisation or abolition of banks. But court cases later determined that the provincial government did not have the powers to do this. The ATB was created as a provincial-government alternative to the private banks. If it were a bank, ATB would be subject to federal legislation; therefore, the institution is never legally referred to as a bank so that it can remain under provincial jurisdiction. However, it offers all services associated with a standard retail bank.[12]

Credit unions[edit]

Branch of Affinity Credit Union in Saskatoon.
The headquarters of the Desjardins Group in Montreal.

Canada has a strong co-operative financial services sector, which consists of credit unions (caisses populaires in Quebec and other French speaking regions). At the end of 2001 Canada's credit union sector consisted of 681 credit unions and 914 caisses populaires, with more than 3,600 locations and 4,100 automated teller machines.[13] By 2012, consolidation reduced this number to 394 credits unions and caisses populaires outside of Quebec.[14] Canada has the world's highest per capita membership in the credit union movement, with over 10 million members, or about one-third of the Canadian population. While the sector is active in all parts of the country, it is strongest in the western provinces and in Quebec. In Quebec 70 per cent of the population belongs to a caisse populaire, while in Saskatchewan close to 60 per cent belongs to a credit union.

Ten largest credit unions in Canada by assets, outside of Quebec[edit]

As at December 31, 2012, the 394 credit unions and caisses populaires outside of Quebec had combined assets of $161.1 billion, of which $73.5 billion was held by the ten largest.[14]

Credit UnionProvinceAssetsMembers
Coast Capital SavingsBC12,643,848,010504,054
Servus Credit UnionAB12,177,314,802373,468
Meridian Credit UnionON8,753,311,552262,360
First West Credit UnionBC5,881,250,713154,370
Conexus Credit UnionSK4,202,015,663114,497
Steinbach Credit UnionMB3,962,524,43377,634
Assiniboine Credit UnionMB3,430,950,621109,030
Cambrian Credit UnionMB2,764,227,83558,279
First Calgary SavingsAB2,664,640,85282,307


Most caisses populaires in Quebec (and some outside the province) are part of a network which operates as the Desjardins Group. Desjardins Group owns and operates a range of subsidiaries, including a securities brokerage, a venture capital firm, and a bank based in Florida.[15]

As of December 31, 2011, Desjardins Group's consolidated assets totalled $190.1 billion CAD.[16]

The "Big Five"[edit]

Canada's "big five" banks, and few statistics:

Bank NameAlso Known asInstitution NoMarket Capitalization CAD,B[17]Employees (FTE)Revenue,BNet Income,BTotal Assets,B
Royal Bank of CanadaRBC003104.580,000307.6825
Toronto Dominion BankTD, TD Canada Trust00494.879,000236.3811
Bank of Nova ScotiaScotiabank0027783,000216.7744
Bank of MontrealBMO0014747,00013.73.2542
Canadian Imperial Bank of CommerceCIBC0103842,000122.5352

The term "Big Six" is frequently used as well. The "Big Six" also includes the National Bank of Canada (market cap of $8.9B), though its operations are primarily focused in the provinces of Quebec and New Brunswick.

Defunct or merged banks[edit]

The Bank of British North America, on Yonge Street in Toronto.
The former Bank of New Brunswick Building in Saint John.

Credit agencies[edit]

See also[edit]


  1. ^ a b c d "Who We Regulate". Retrieved 2014-02-23. 
  2. ^ a b c d "How to build a bank". Financial Post. Retrieved 2013-09-26. 
  3. ^ "MonCana Bank of Canada renamed CFF Bank following acquisition by Canadian First Financial Group Inc". CNW. 2014-01-13. Retrieved 2014-01-20. 
  4. ^ "2012 Direct Cash Payments Annual Report". p. 14. Retrieved 2013-09-26. 
  5. ^
  6. ^ "ING completes sale of ING Direct Canada". Reuters. 2012-11-15. Retrieved 2013-06-12. 
  7. ^ "ING Direct renames itself Tangerine". Financial Post. 2013-11-05. Retrieved 2013-11-21. 
  8. ^ "Rogers gets closer to starting banking business". Financial Post. 2013-05-03. Retrieved 2013-09-23. 
  9. ^ RBC history
  10. ^ ">"First Bank". First Bank. Retrieved 2013-09-24. 
  11. ^ "About Maple". Maple Financial Group. Retrieved 2013-09-24. 
  12. ^ "FP Story". Retrieved 2010-08-13. [dead link]
  13. ^ "Canada's Credit Unions and Caisses Populaires - March 2003". 2008-11-13. Retrieved 2010-08-13. 
  14. ^ a b "Largest 100 Credit Unions / Caisses Populaires". Retrieved 2013-05-14. 
  15. ^
  16. ^
  17. ^ "TMX Money". TMX. Retrieved 2014-03-30. 

External links[edit]