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  3. Which are the Big Canadian banks?

Which are the Big Canadian banks?

The ‘big five’ refers to the top banks in Canada: Toronto Dominion, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Bank of Montreal, and Royal Bank of Canada. Although these banks have a combined share of more than 90 percent on the Canadian market, they are, in fact, international banks with branches and offices in United States, Asia, Latin South America and the Caribbean.

Founded in 1864, the Royal Bank of Canada is headquartered in Toronto. The largest bank in Canada has branches in Canada, USA, and the Caribbean and serves more than 17 million clients worldwide. Royal Bank of Canada offers a wide array of financial services such as debit and credit cards, banking accounts, online banking, guaranteed investment certificates, investment advisory services, consumer loans, and mortgage plans, among others. The commercial banking of RBC offers banking services, lines, of credit, business loans, international trade assistance, asset-based lending, etc.

Toronto Dominion Bank is the sixth largest banking institution on the North American continent. The bank has over 74,000 employees serving more than 18 million clients at home and around the world. TD Bank offers personal banking services, online banking, wealth management, investment advisory, travel, health, and life insurance packages, capital market analyses, interest rate monitoring, and much more. The bank shares are Big Canadian bankstraded under the ticker TD on the stock exchanges in Toronto and New York.

Canadian Imperial Bank of Commerce - CIBC is the fifth largest bank in Canada, with branches in Great Britain, the United States, Asia, and the Caribbean. The bank employs over 40 thousand officials, serving more than 11 million customers at home and abroad. CIBC offers a broad array of banking and financial services, including credit and debit cards, checking/ savings accounts, student loans, consumer loans, various mortgage plans, lines of credit, retirement savings plans, guaranteed investment certificates, etc. The shares of Canadian Imperial Bank are traded on the New York Stock Exchange and Toronto Stock Exchange under the ticker TM.

Bank of Nova Scotia - Scotiabank is headquartered in Toronto and has over 2,000 branches and offices on the territory of Canada and around the globe. The shares of the third largest Canadian bank are publicly traded on the Toronto and New York stock exchanges under the ticker BNS. The Bank of Nova Scotia offers various financial and banking services among which checking and savings accounts, telephone and online banking, financial planning options, personal loans, lines of credit, retirement savings plans, mutual funds, and guaranteed investment certificates, among others.

Bank of Montreal - BMO is the oldest bank and the sixth largest banking institution in Canada. Its shares are traded on the NYSE and TSX under the ticker BMO. The bank employs more than 36 thousand officials and operates over 1,100 offices and branches at home and internationally. The bank offers a full range of services and banking products tailored for individual clients, small and medium-sized business entities, corporations, and government institutions. Among the bank’s products and services are checking/ savings accounts, fixed rate and variable mortgages, mortgage insurances, personal loans, loan consolidation, lines of credit, corporate banking services, investment advisory, etc. At present, the bank is evaluating opportunities for further development through new branches in China and India.