The Big 5 Banks: Which Is The Biggest Bank in Canada?

RBC is the largest bank in the country and will only become bigger with its recent acquisition of HSBC

The Big Five Banks

The Canadian banking industry is dominated by only a handful of banks known informally as the Big Five.

These are Toronto-Dominion Bank (TD), Royal Bank of Canada (RBC), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC).

All five banks maintain their headquarters in Toronto on Bay Street.

Together, these banks constitute more than 85% of the Canadian banking industry.

A wide range of investors hold shares of each bank; by law, each entity or individual can own a maximum of 20% of the outstanding stock.

The Big Five also rank among the top 100 banks in the world.

Below is an overview of the Big Five banks by asset size and net revenue (as of October 31, 2023).

Market Capitalization as of August 23, 2024

1. Toronto-Dominion Bank

Founded in 1955, TD was the product of a merger between the Bank of Toronto and the Dominion Bank.

Today, the bank provides a broad array of retail, commercial and investment banking products and services domestically and abroad, serving over 22 million customers.

It’s well-known for its extended branch hours, and markets itself as an accessible bank that caters to busy people with hectic schedules.

The bank employs over 90,000 people and operates over 1,100 branches across Canada.

Its subsidiaries include TD Securities, which provides investment banking services and TD Waterhouse, which offers financial planning and wealth management services.

2. Royal Bank of Canada

RBC’s origins trace to 1864 in Halifax, Nova Scotia, where it began business providing financing to the fishing and timber industries in the Maritime Provinces.

RBC completed it’s acquisition of HSBC in early 2024 and will see it become the largest bank in Canada by quite a margin.

The bank divides its business operations into six segments: Personal and Commercial Banking, Wealth Management, Investor and Treasury Services, Capital Markets, Insurance, and Corporate Support.

RBC maintains a sizable global presence, with branches in more than 30 countries, including the United States and Caribbean region.

The bank boasts over 17 million clients and employs more than 89,000 people worldwide.

It’s also notable for having the most domestic branches and ATMs of any bank in Canada. 

3. Bank of Nova Scotia / Scotiabank

Scotiabank began operations in 1832 in Halifax, Nova Scotia. 

Today, it provides a multitude of retail and commercial banking, wealth management, and corporate and investment banking services to over 25 million customers worldwide.

The bank employs more than 92,000 people.

Scotiabank has acquired many financial institutions over the years.

One of its most well-known subsidiaries is Tangerine Bank, an online bank that offers no-fee chequing and savings accounts.

It has also made purchases of overseas banks in dozens of countries, establishing a reputation as Canada’s premier international bank. 

4. Bank of Montreal

BMO was formed in Montreal, Quebec in 1817, and is the oldest of the Big Five banks.

It employs a workforce of nearly 43,000 people that provides a wide range of banking services to over 12 million customers worldwide.

It has a network of more than 900 branches across Canada.

The bank obtains its revenue from three different “client groups”: Personal and Commercial Client Group (retail banking), Investment Banking Group (capital markets), and Private Client Group (wealth management).

BMO entered the American banking market in 1818 and continues operations south of the border under its subsidiary BMO Harris Bank.

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5. Canadian Imperial Bank of Commerce

CIBC dates back to 1961 when it was formed through a merger of the Canadian Bank of Commerce and Imperial Bank of Canada.

The bank has over 45,000 employees and provides banking services to over 10 million customers worldwide.

In Canada, it has a network of over 1,100 branches.

Globally, it maintains operations in the United States, Asia, Europe, and the Caribbean.

It derives its income through three business units: Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets. 

Other Notable Canadian Banks

Though the Big Five constitute the bulk of Canada’s banking industry in terms of market share, many other smaller institutions thrive alongside them.

More than 80 banks operate in the country, consisting of domestic institutions, subsidiaries of foreign banks, and full-service branches of foreign banks. 

National Bank of Canada

Founded in 1979, the National Bank of Canada is the leading bank in Quebec and the sixth-largest bank in Canada.

The bank’s operations in Quebec account for much of its revenue. However, it’s expanded both domestically and internationally during the past 20 years, generating over 40% of income outside Quebec since 2017.  

With a network of over 400 branches, the National Bank of Canada offers a comprehensive suite of banking products and services to more than 2.6 million customers across the country.