To make this happen, there are many top banks in canada. The banking sectors in Canada are well developed and are considered to be one of the countries to provide one of the best and safest banking systems in the world.
Canada is one of the first world countries in the world. The economy of Canada is considered to be well flourished and stable. Banking in Canada is ranked as the world’s soundest banking system for six years continuously.
Top banks in Canada are divided into two sub categories namely; first-tier and second-tier. The first tier Banks are large banks with more capital investments whereas second tier banks are small banks with less capital investments.
Top 10 Banks in Canada
1. Royal Bank of Canada
The Royal Bank of Canada which is also called Banque Royal du Canada in French is a Canadian multinational financial services company.
This bank is the largest of banks among Banks in Canada in terms of market capitalization. The corporate headquarters of the bank is located in Toronto, Ontario and the legal head office is located in Montreal, Quebec.
The bank has a network of 1209 branches in Canada and around the world. The bank provides services to 17 million clients including in Canada, the U.S and 34 other countries.
The bank has a total of 85000+ employees who are helping to brand Royal Bank of Canada as the best bank in Canada and top bank around the globe.
2. Toronto-Dominion Bank
The Toronto-Dominion Bank is also known as Banque Toronto-Dominion in french is another one of the top Banks in Canada. It is a Canadian multinational financial service provider and banking corporation.
The headquarters of Toronto-Dominion bank is located in Toronto, Ontario. The bank is commonly known as TD and has been in operation as TD Bank Group since February 1955.
The bank is the second largest in Canada and 26th largest in the world in terms of market capitalization. TD bank group is the largest asset holding bank in Canada. The bank has successfully established 1091 branches in Canada and around the world.
3. Bank of Nova Scotia
The Bank of Nova Scotia is also known as La Banque de Nouvelle-Écosse in french. Until 2019 it was widely popular by the name Scotiabank and then in 2019 it is abbreviated as Scotia only.
This bank is a Canadian multinational financial service provider and the third largest bank in Canada. It is also said to be one of the best bank in Canada.
This bank has a total asset of $998 billion. The bank provides facilities and services of personal and commercial banking, corporate and investment banking, and wealth management.
The bank has over 25 million customers around the world and has more than 88000 employees in service.
4. Bank of Montreal
The Bank of Montreal is also called Banque de Montreal in french. It is a Canadian multinational investment bank and financial services provider.
It is one of the five top banks in Canada. The head office of the bank is in Montreal, Quebec and its operational headquarters and executive offices are located in Toronto, Ontario.
It is the fourth largest bank in Canada in terms of assets and its market capitalization. This bank trades on the Toronto Stock Exchange and New York Stock Exchange.
The bank is in operation as BMO and has more than 900 branches in North America and around other continents.In the U.S. it is popular as BMO Financial Group.
5. Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce is also called Banque Canadienne Imperiale de Commerce in French. It is commonly abbreviated as CIBC.
The headquarters of the bank is located at Commerce Court in Toronto ,Ontario. The institution number for CIBC is 010 and the swift code of the bank is CIBCCATT. It is one of the top banks in Canada.
The services offered by the bank are basically categorized into four business units according to its strategies.
They are Personal and Small Business Banking, Canadian Commercial Banking and wealth management, the U.S Commercial banking and Wealth Management, and Capital Markets.
6. Canadian Western Bank
The Canadian Western Bank which is also called as Banque canadienne de l’ouest in french. The bank headquarters is located in Edmonton,Alberta. The bank provides its financial services in the Western Canada.
The bank has a total asset of $22 billion CAD. The original name of the bank was Bank of Alberta. After purchasing Aetna Trust Company, North west Trust Company, It was renamed as Canadian Western Bank.
The bank is also a mutual funds dealer. The services provided by CWB are Mortgages, Loans, Personal account, Insurance, Business accounts, Credit card, Small business lending and Investment products. It is one of the best Bank in Canada.
7. National Bank of Canada
The National Bank of Canada is also known as Banque Nationale du Canada in French. The bank is successful and is the sixth largest bank in Canada. The headquarters of National Bank of Canada is located in Montreal, Quebec.
The bank provides commercial banking and financial services in Canada. It is the largest bank in Quebec City. The National Bank of Canada has 422 branches around Canada and there are 939 ATMs registered under the Bank.
In 2018, the bank was ranked number 3 in Bloomberg’s list of “The World’s Strongest Banks”. National bank is one of the top banks in Canada.
8. Laurentian Bank of Canada
The Laurentian Bank of Canada is said in french language as Banque Laurentienne du Canada. This bank is the Schedule 1 bank in Canada that operates mainly in the province of Quebec.
The headquarters of the bank is located in Montreal, Quebec but it’s business and commercial banking offices are located in British Columbia, Ontario, Nova Scotia and Alberta.
The institution number of the Bank is 039. Along with Personal and Commercial banking services, the Laurentian Bank of Canada also offers Brokerage service as their product.
The bank has more than 3600 employees in service and the bank is known as one of the best bank in Canada.
9. HSBC Bank Canada
The HSBC Bank Canada is also called Banque HSBC Canada in french. This Bank is a canadian subsidiary of an international british bank HSBC.
HSBC Bank Canada has its branch in every province of Canada except for Prince Edward Island thus making it the seventh largest and one of the top banks in Canada.
The headquarters location of the bank is 885 West Georgia Street, Vancouver, British Columbia, V6C 3E9. It was formerly known as the Hongkong Bank of Canada before HSBC overtook it.
The bank provides financial and insurance service all around Canada. The bank has more than 6000 employees in service.
10. Tangerine Bank
The Tangerine bank is the subsidiary of Scotiabank and is also known as Canadian direct Bank. Tangerine bank has lots of benefits to serve its clients because it does not charge for savings account and chequing.
Besides that it also offers Guaranteed Investment Certificates, mutual funds and mortgages. The Tangerine bank also has to offer Registered Retired Income Fund, Tax-Free Savings Account and Registered Retirement Savings Plan as it’s products.
The headquarters of the bank is located in Toronto, Ontario. The bank has more than 1000 employees in service and it is one of the best bank in Canada.