This is a list of banks in Canada, including credit unions, trusts, and other financial services companies that offer banking services and may be popularly referred to as "banks".
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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
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 23 domestic banks as of November 2011.[1]
As of October 2010, there were 25 of these banks in Canada, however 4 are in liquidation.[1]
As of October 2010, there were 23 such banks in Canada.[1]
There were 7 such banks in Canada in October, 2010.[1]
Alberta Treasury Branches, or 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.[2]
Canada has a strong co-operative financial services sector, which consists of both credit unions and caisses populaires, the latter located predominantly in Quebec. 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.[3] By 2010 consolidation that reduced this number to 447 credits unions and caisses populaires outside of Quebec.[4] 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.
As at December 31, 2010, the 447 credit unions and caisses populaires outside of Quebec had combined assets of $138 billion, of which $60 billion was held by the ten largest.[4]
| Credit Union | Province | Assets | Members |
|---|---|---|---|
| Vancity | BC | 14,365,199,927 | 417,211 |
| Servus Credit Union | AB | 10,785,867,467 | 351,031 |
| Coast Capital Savings | BC | 10,440,813,817 | 454,348 |
| Meridian Credit Union | ON | 5,358,771,196 | 212,074 |
| First West Credit Union | BC | 5,070,807,000 | 138,252 |
| Conexus Credit Union | SK | 3,325,665,572 | 117,523 |
| Steinbach Credit Union | MB | 3,216,032,894 | 79,289 |
| Assiniboine Credit Union | MB | 2,833,042,726 | 107,761 |
| First Calgary Savings | AB | 2,404,338,873 | 86,024 |
| Cambrian Credit Union | MB | 2,164,054,402 | 54,798 |
Most caisses populaires in Quebec (and some credit unions 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.[3]
As of March 31, 2010, Desjardins Group's consolidated assets totalled $165.6 billion CAD.[5]
Canada's "big five" banks, in order of both assets and market capitalization:
| Bank Name | Also Known as | Institution No |
|---|---|---|
| Royal Bank of Canada | RBC | 003 |
| Toronto Dominion Bank | (TD Canada Trust) | 004 |
| Bank of Nova Scotia | (Scotiabank) | 002 |
| Bank of Montreal | BMO | 001 |
| Canadian Imperial Bank of Commerce | CIBC | 010 |
The term "big six" is frequently used as well. The "Big Six" also includes the National Bank of Canada, though it is significantly smaller than the other major banks and is focused in the provinces of Quebec and New Brunswick.
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