List of banks and credit unions in Canada

The main Montreal branch of the Bank of Montreal, Canada's oldest bank.

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".

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)

Place Ville-Marie is the home to the Montreal offices of the Royal Bank of Canada

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]

On November 10, 2014, Home Capital Group announced that it has applied to charter "Home Trust Bank" under Schedule I.

Schedule II banks (subsidiaries of foreign banks)

The Toronto branch of the Bank of China (Canada).

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

The Bank of Canada Building in Ottawa is the headquarters of the country's central bank.

• 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.

An ATB Financial branch in Edmonton.

• 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

Branch of Affinity Credit Union in Saskatoon.

The headquarters of the Desjardins Group in Montreal.

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]

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"

Canada's "big five" banks, and few statistics:

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

The Bank of British North America, on Yonge Street in Toronto.

The former Bank of New Brunswick Building in Saint John.

• 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
• 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 of Canada
• 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 of Canada became HSBC Canada
• 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.
• Northland Bank Failed in 1985.
• National Bank of Greece's Canadian assets merged into Bank of Nova Scotia in 2005
• 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

• Banking in Canada
• Credit Union
• Canadian transit number
• Canada Bank Company
• ATB Financial

References

1. 1 2 3 4 "Who We Regulate". Osfi-bsif.gc.ca. Retrieved 17 October 2015. 
2. 1 2 3 "How to build a bank". Financial Post. Retrieved 2013-09-26. 
3. ↑ Citizen Bank of Canada https://www.citizensbank.ca/.  Missing or empty |title= (help)
4. ↑ "MonCana Bank of Canada renamed CFF Bank following acquisition by Canadian First Financial Group Inc". CNW. 2014-01-13. Retrieved 2014-01-20. 
5. ↑ "2012 Direct Cash Payments Annual Report" (PDF). p. 14. Retrieved 2013-09-26. 
6. ↑ http://phx.corporate-ir.net/phoenix.zhtml?c=177447&p=irol-newsArticle&ID=1833654&highlight=
7. ↑ "Rogers gets closer to starting banking business". Financial Post. 2013-05-03. Retrieved 2013-09-23. 
8. ↑ RBC history
9. ↑ "ING completes sale of ING Direct Canada". Reuters. 2012-11-15. Retrieved 2013-06-12. 
10. ↑ "ING Direct renames itself Tangerine". Financial Post. 2013-11-05. Retrieved 2013-11-21. 
11. ↑ ">"First Bank". First Bank. Retrieved 2013-09-24. 
12. ↑ "About Maple". Maple Financial Group. Retrieved 2013-09-24. 
13. ↑ "FP Story". Financialpost.com. Archived from the original on July 19, 2009. Retrieved 2010-08-13. 
14. ↑ "Canada's Credit Unions and Caisses Populaires - March 2003". Fin.gc.ca. 2008-11-13. Retrieved 2010-08-13. 
15. ↑ "Largest 100 Credit Unions / Caisses Populaires" (PDF). Cucentral.ca. Retrieved 2013-05-14. 
16. ↑ "Largest 100 Credit Unions / Caisses Populaires" (PDF). Cucentral.ca. Retrieved 2014-09-25. 
17. ↑ http://www.desjardinsbank.com/en/about_desjardins_bank.html?accueil=aproposdesjbank
18. ↑ http://www.desjardins.com/fr/a_propos/qui-nous-sommes/chiffres.jsp
19. ↑ "TMX Money". TMX. Retrieved 2014-03-30. 

External links

• List of Canadian banks at Office of the Superintendent of Financial Institutions
• List of Canadian banks via the Canada Revenue Agency website
• Credit Union Central of Canada's Publications
• List of banks in Canada
• Information about Banks in Canada

References