List of banks and credit unions in Canada
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".
Contents
Banks by legal classification
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)
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 October 2015.[1]
| Bank | Established | Headquarters | Notes |
|---|---|---|---|
| B2B Bank | 2012 | Toronto | Subsidiary of Laurentian Bank. Prior to reorganization in 2012 was B2B Trust. |
| Bank of Montreal | 1817 | Montreal | |
| Bank of Nova Scotia | 1832 | Toronto | operating as "Scotiabank" |
| Bridgewater Bank | 2006 | Calgary | [2] |
| Canadian Imperial Bank of Commerce | 1867 | Toronto | |
| Canadian Tire Bank | 1968 | Oakville, Ontario | |
| Canadian Western Bank | 1985 | Edmonton | |
| Citizens Bank of Canada | 1997 | Vancouver | now a non-deposit taking bank: it no longer offers savings and loans products [3] |
| CFF Bank | 2013 | Oakville, Ontario | formed through acquisition of MonCana Bank by Canadian First Financial[4] |
| Continental Bank of Canada | 2013 | Whitby | |
| CS Alterna Bank | 2000 | Ottawa | Owned by the credit union Alterna Savings. |
| DirectCash Bank | 2007 | Calgary | arms-length relationship with DirectCash Payments Inc.[5] |
| Equitable Bank | 2013 | Toronto | [6] |
| First Nations Bank of Canada | 1996 | Saskatoon | |
| General Bank of Canada | 2005 | Edmonton | [2] |
| Hollis Canadian Bank | 1998 | Toronto | formerly Dundee Bank of Canada, subsidiary of Scotiabank |
| HomEquity Bank | 2009 | Toronto | [2] |
| Laurentian Bank of Canada | 1846 | Montreal | |
| Manulife Bank of Canada | 1993 | Toronto | |
| National Bank of Canada | 1859 | Montreal | |
| Pacific & Western Bank of Canada | 1980 | London, Ontario | |
| President's Choice Bank | 1996 | Toronto | |
| RedBrick Bank | 2013 | Oakville, Ontario | |
| Rogers Bank | 2013 | Toronto | owned by Rogers Communications[7] |
| Royal Bank of Canada | 1864 | Montreal | [8] |
| Tangerine Bank | 2013 | Toronto | formerly ING Direct Canada, purchased by Scotiabank November 2012,[9] name was changed to Tangerine in spring 2014[10] |
| Toronto-Dominion Bank | 1955 | Toronto | operating as "TD Canada Trust"; formed by the merger of two banks founded in 1855 and 1869 |
| Wealth One Bank of Canada | 2015 | Toronto | |
| Zag Bank | 2002 | High River, Alberta | formerly Bank West, owned by Desjardins Group since 2011 |
On November 10, 2014, Home Capital Group announced that it has applied to charter "Home Trust Bank" under Schedule I.[citation needed]
Schedule II banks (subsidiaries of foreign banks)
_Branch.jpg)
As of October 2015, there were 24 of these banks in Canada, including three in liquidation.[1]
| Bank | Parent Country | Notes |
|---|---|---|
| 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 |
before December 2011 known as MBNA Canada Bank |
| Citco Bank Canada | USA |
|
| Citibank Canada | USA |
|
| CTBC Bank Corp.(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 (branches of foreign banks)
Full service
The following banks are not authorized to accept deposits in Canada of less than $150,000. As of October 2015, there were 26 such banks in Canada.[1]
| Bank | Parent Country | Notes |
|---|---|---|
| Bank of America, National Association | USA |
|
| Bank of New York Mellon (The) | USA |
|
| Barclays Bank PLC (Canada Branch) | UK |
|
| BNP Paribas | France |
|
| Capital One Bank (Canada Branch) | USA |
|
| China Construction Bank Toronto Branch | China |
|
| Citibank, N.A. | USA |
|
| Comerica Bank | USA |
|
| Deutsche Bank AG |  Germany |
|
| Fifth Third Bank | USA |
|
| First Commercial Bank | Taiwan |
[11] |
| JPMorgan Chase Bank, National Association | USA |
|
| M&T Bank | USA |
|
| Maple Bank | Germany |
Holding group is based in Canada, but chartered through a subsidiary German bank[12] |
| Mizuho Corporate Bank, Ltd., Canada Branch | Japan |
|
| Northern Trust Company, Canada Branch (The) | USA |
|
| PNC Bank Canada Branch | USA |
|
| Rabobank Nederland |  Netherlands |
|
| Royal Bank of Scotland plc | 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
The following banks are prohibited from accepting deposits or borrowing money except from financial institutions. There were three such banks in Canada as of October 2015.[1]
| Bank | Parent Country | Notes |
|---|---|---|
| Crédit Agricole Corporate and Investment Bank (Canada Branch) | France |
|
| Credit Suisse, Toronto Branch | Switzerland |
|
| Union Bank of California, N.A. | USA |
Government-owned banks
- Bank of Canada (Central Bank)
- Business Development Bank of Canada
- 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 (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.[13]
Credit unions
<templatestyles src="Module:Hatnote/styles.css"></templatestyles>
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.[14] By 2012, consolidation reduced this number to 394 credits unions and caisses populaires outside of Quebec.[15] 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
As of July 2014, the 355 credit unions and caisses populaires outside of Quebec had combined assets of $174.8 billion, of which $80.1 billion was held by the ten largest.[16]
| Credit Union | Province | Assets | Members |
|---|---|---|---|
| Vancity | BC | 17,975,196,858 | 490,601 |
| Servus Credit Union | AB | 13,503,786,712 | 366,944 |
| Coast Capital Savings | BC | 12,530,523,463 | 518,673 |
| Meridian Credit Union | ON | 9,551,047,187 | 264,185 |
| First West Credit Union | BC | 6,440,362,599 | 162,363 |
| Conexus Credit Union | SK | 4,958,477,646 | 115,927 |
| Steinbach Credit Union | MB | 4,257,139,786 | 81,892 |
| Affinity Credit Union | SK | 4,145,204,490 | 130,690 |
| Assiniboine Credit Union | MB | 3,671,619,384 | 110,967 |
| Cambrian Credit Union | MB | 3,023,590,228 | 60,963 |
Desjardins
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.[17]
As of December 31, 2011, Desjardins Group's consolidated assets totalled $190.1 billion CAD.[18]
The "Big Five"
<templatestyles src="Module:Hatnote/styles.css"></templatestyles>
Canada's "big five" banks, and few statistics:
| Bank Name | Also Known as | Institution No | Market Capitalization CAD,B[19] | Employees (FTE) | Revenue,B | Net Income,B | Total Assets,B |
|---|---|---|---|---|---|---|---|
| Royal Bank of Canada | RBC | 003 | 104.5 | 80,000 | 30 | 7.6 | 825 |
| Toronto-Dominion Bank | TD, TD Canada Trust | 004 | 94.8 | 79,000 | 23 | 6.3 | 811 |
| Bank of Nova Scotia | Scotiabank | 002 | 77 | 83,000 | 21 | 6.7 | 744 |
| Bank of Montreal | BMO | 001 | 47 | 47,000 | 13.7 | 3.2 | 542 |
| Canadian Imperial Bank of Commerce | CIBC | 010 | 38 | 42,000 | 12 | 2.5 | 352 |
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 and merged banks
- Amicus Bank was in voluntary liquidation and its assets repatriated to CIBC.
- Bank of Alberta and the Western & Pacific Bank of Canada merged to become Canadian Western Bank.
- Bank of British Columbia's assets acquired by HSBC Canada.
- Bank of British North America
- Bank of Ottawa merged with the Bank of Nova Scotia in 1919.
- Bank of the People was purchased by the Bank of Montreal in 1840.
- Bank of Toronto merged with The Dominion Bank in 1955 to form the Toronto-Dominion Bank, now known as TD Bank Group.
- Banque canadienne nationale merged with Provincial Bank of Canada/Banque provinciale du Canada to become National Bank of Canada
- Barclays Bank Canada became Imperial Bank of Canada, now known as Canadian Imperial Bank of Commerce in 1956 and Hongkong Bank of Canada, now known as HSBC Bank Canada in 1996.
- Provincial Bank of Canada/Banque provinciale du Canada. Merged with Banque canadienne nationale to become National Bank of Canada
- Canada Trust merged with Toronto-Dominion Bank in 2000
- Canadian Bank of Commerce merged with Imperial Bank of Canada in 1961 to form the Canadian Imperial Bank of Commerce (CIBC).
- Canadian Commercial Bank Failed in 1985.
- Eastern Townships Bank with the Canadian Bank of Commerce in 1912.
- Montreal City and District Savings Bank or La Banque d’Epargne converted from a savings bank to a regular bank and changed its name to Laurentian Bank of Canada
- Continental Bank of Canada became Lloyds Bank Canada in 1986.
- Farmer's Bank of York, Upper Canada
- Farmers' Bank of Rustico was a community bank in Prince Edward Island that closed after the passage of the 1871 Bank Act.
- Home Bank
- Imperial Bank of Canada merged with Canadian Bank of Commerce to form the Canadian Imperial Bank of Commerce (CIBC).
- Lloyds Bank Canada became Hongkong Bank of Canada, now known as HSBC Bank Canada in 1990.
- Mercantile Bank of Canada, minority owned by Citibank, was merged into the National Bank of Canada in 1985.
- Molson Bank of Montreal was merged into the Bank of Montreal in 1925.
- Midland Bank Canada became Hongkong Bank of Canada, now known as HSBC Bank Canada in 1988.
- Northland Bank Failed in 1985.
- National Bank of Greece's Canadian assets merged into Bank of Nova Scotia in 2005
- National Westminster Bank of Canada became Hongkong Bank of Canada, now known as HSBC Bank Canada in 1998.
- Standard Bank of Canada merged with Canadian Bank of Commerce in 1928
- Standard Chartered Bank of Canada
- Sterling Bank was acquired by Provincial Bank of Canada/Banque provinciale du Canada.
Credit agencies
- Equifax Canada
- TransUnion Canada
- Echo Group
See also
References
- ↑ 1.0 1.1 1.2 1.3 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 2.0 2.1 2.2 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ http://phx.corporate-ir.net/phoenix.zhtml?c=177447&p=irol-newsArticle&ID=1833654&highlight=
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ RBC history
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ ">Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ http://www.desjardinsbank.com/en/about_desjardins_bank.html?accueil=aproposdesjbank
- ↑ http://www.desjardins.com/fr/a_propos/qui-nous-sommes/chiffres.jsp
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
