What are the big five banks?
The Big Five Banks is a term used in Canada to describe the five largest banks: Royal Bank, The Bank of Montreal, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, and TD Canada Trust.
Occasionally, the term “Big Six Banks” is used, with the sixth bank referring to the National Bank of Canada. As of 2020, Big Six Banks and Desjardins Group are the largest banks in Canada. The Big Five Banks have more than $ 100 billion in assets, and they are all based in Toronto. World Atlas provides the following data in each of the Big Five Banks.
1. Royal Bank of Canada
The Royal Bank of Canada is the largest of the Big Five with respect to net revenue (C $ 11.4 billion in 2020) and capitalization (C $ 132.5 billion in 2020). The Royal Bank of Canada has more than 17 million clients worldwide, more than 86,000 full-time employees and more than 1,300 branches. Founded in 1864 in Halifax, Nova Scotia, the bank financed the lumber and lumber industries. It was known as Merchants Bank of Halifax. The Royal Bank of Canada donates 1% of its income to charities.
2. Toronto-Dominion Bank
The second largest bank in Canada, the Toronto-Dominion Bank has the largest amount of assets, which are valued at Cdn $ 1.4 trillion as of July 2019. This bank has more than 22 million clients worldwide, 85,000 full-time employees and more than 1,100 branches. The bank was the result of a merger of the Bank of Toronto and the Dominion Bank in 1955.
3. Bank of Nova Scotia
The Bank of Nova Scotia, or Scotiabank, is the next largest bank in Canada with assets valued at C $ 998 billion at the end of 2019, revenue of C $ 28.8 billion in 2018 and a capitalization of C $ 87, 55 billion. The bank has more than 23 million clients worldwide, 89,000 full-time employees and more than 1,000 branches in Canada. This bank offers to trade on the New York and Toronto stock exchanges.
Also founded in Halifax, Nova Scotia in 1832, the bank moved its headquarters to Toronto in 1900 to improve the transatlantic trade industry.
4. Bank of Montreal
The Bank of Montreal is the fourth largest Canadian bank with C $ 852.2 billion in assets at the end of 2019, revenue of C $ 22.8 billion and a capitalization of C $ 64.81 billion at the beginning of 2020 The bank has more than 7 million clients in Canada and 939 branches. . The bank has more than 47,000 employees. It was founded in 1817 and is the oldest bank in Canada. Throughout crises such as World War I, the Great Depression, World War II, and the Global Financial Crisis of 2008, the Bank has always made dividend payments.
5. Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce has C $ 597 billion in assets, revenues of C $ 17.834 billion for 2018, and a capitalization of C $ 48.01 billion. The bank has more than 11 million clients worldwide, 1,100 branches in Canada, and more than 44,000 full-time employees worldwide. The bank was formed in 1961 when the Canadian Bank of Commerce and the Imperial Bank of Canada merged.