This publication is about the top best Banks in Canada, located in different provinces including Ottawa, Ontario, Toronto, Vancouver, Montreal, Calgary, amongst others, via Afrokonnect.
In spite of the fact that Canada has a large number of financial institutions, the Canadian banking sector is currently facing a precarious situation as a result of a reduction in support and assistance from the government.
Examining the Canadian government’s attitude on the banking industry reveals a massive mortgage debt, which has doubled in the previous 10 years, which in turn led to a mild increase in unemployment and interest rate.
Financial institutions in Canada do well even when economic development is sluggish. These highly regarded financial institutions are ranked among some of the top financial institutions in the globe.
Canadian Banking Industry Organizational Structure
The banking system in Canada is strong despite the fact that it receives less assistance from the government, and, the country’s many financial institutions may be broken down into five main categories:
- Banks That Are Chartered
- Movement Towards Cooperative and Shared Credit
- Life Insurance Companies
- Trust and Lending Firms
Retailers of Security Goods: Banks in Canada
According to the recent available information, it was discovered that there are a total of 29 domestic banks. There are twenty-four domestic banks that are subsidiaries of international banks.
In addition to that, there are 27 foreign bank branches and three foreign bank lending branches that provide the complete range of services available from their respective banks.
The nation’s many financial institutions collectively oversee assets worth around C $4.6 trillion.
The banks are responsible for managing 70 percent of these assets. In addition, the top six financial institutions own ownership of 90% of the industry’s total assets.
Top 10 Best Canadian Financial Institutions: Biggest Banks in Canada
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Toronto Dominion Bank Canada
According to recent data, Toronto Dominion Bank is the leading one in terms of assets and size in Canada.
Assets of around 1.202 trillion Canadian dollars are under the bank’s management, this bank reported a net income of 11.9 billion Canadian dollars for the year, while reporting revenue of 29.9 billion Canadian dollars for the same year.
It was established in 1955, and its current headquarters can be located in the Toronto-Dominion Centre in the city of Toronto, in the province of Ontario. On the list of the top 2000 companies in the world published by Forbes in 2015, this financial institution came in at number 66.
2. Royal Bank of Canada
The Royalbankof Canada is the world’s second-largest financial institution when it comes to total banking assets controlled. It manages total assets worth about 1,201 trillion Canadian dollars.
In the year 2020, it had a revenue of 42.8 billion Canadian dollars and a net income of 11.4 billion Canadian dollars.
This bank is responsible for the employment of over 78,000 individuals. It is one of the oldest banks still in operation today, having been founded since 1864.
Best Banks in Canada: Ottawa, Toronto, Vancouver, Montreal
3. Bank of Nova Scotia Canada
The Banks in Nova Scotia is located at the number three spot in this ranking, it is the third-largest bank in the world in terms of total assets under its management.
It deals with about 906.332 billion Canadian dollars. According to the data published, NovaScotia has around 89,214 workers working for it.
In the year 2020, it had a net income of 6.78 billion Canadian dollars. In the same year, the total income was $25.3 billion Canadian dollars.
This bank has been around for a long time. In the year 1832, it was formed in the city of Halifax, in the province of Nova Scotia. The headquarters are located in Toronto, which is in the province of Ontario.
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Bank of Montreal Canada
The fourth-largest bank in Canada in terms of total assets, the Bank of Montreal is the country’s fourth-largest financial institution as measured by the overall assets it has amassed.
It manages total assets of around 708.617 billion Canadian dollars and earns income of 22.2 billion Canadian dollars.
The Bank of Montreal in Canada reported a net income of $5.10 billion Canadian dollars in the same year.
Approximately 45,234 people are employed by the company and it is one of the oldest financial institutions in all of Canada. More over two hundred years ago, in 1817, it was first formed. Montreal, in the province of Quebec, is where the company’s headquarters may be found.
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5. CIBC Online Bank in Canada
The Canadian Imperial Bank of Commerce now ranks sixth among all financial institutions in terms of total assets acquired.
On June 1, 1961, it was first put into operation. According to the most recent data, this financial institution has amassed a total asset value of $560,912 billion Canadian dollars.
CIBC Canada bank has brought in a total revenue of 16.2 billion Canadian dollars. It had a net profit of $3.79 billion Canadian in the same year that it paid off all of its costs, which brought the total amount to $3.79 billion.
The Commerce Court building in Toronto, Ontario serves as the location of the CIBC’s main office in Canada. This organization has a total of over 43,201 staff members currently employed.
6. Desjardins Group, Canada
The Desjardins Group is not a bank but rather the most extensive network of cooperative financial institutions in North America.
It began operations in the year 1900 in Levis, Quebec, which is also the location of this organization’s current headquarters to this day.
This particular financial establishment offers a comprehensive range of services, including checking accounts, stock brokering, insurance, asset financing, investment banking, consumer finance, and many more.
There are around 47,655 individuals employed here. Credit cards with the MasterCard and Visa logos are issued by the Desjardins Group, which is also a member of Interact.
The sum total of this group’s acquisitions is over $377,000 billion Canadian dollars.
7. Central – National Bank of Canada
The Bank of Canada comes in at number seven. It is now ranked seventh in terms of total assets purchased in Canada, moving it up from the previous position of eighth.
The National Bank of Canada has accumulated assets worth a total of 343.6 billion Canadian dollars. It had a revenue of $7.8 billion Canadian dollars and a net profit of $2.5 billion Canadian dollars.
According to the most recent report, it was discovered that the National Bank of Canada is staffed by 21,770 individuals. The year 1859 marks the beginning of its existence. The organization’s headquarters may be found in Montreal, in the province of Quebec.
Best & Largest Banks in Canada: Ottawa, Toronto, Vancouver, Montreal
8. HSBC Bank Canada: Vancouver, Montreal, Toronto
HSBC Bank Canada has firmly established itself among the top eight financial institutions in terms of the overall assets it has acquired.
The sum of all of HSBC Bank Canada’s acquired assets is 115 billion Canadian dollars.
You are probably aware that it is a branch of HSBC Bank that operates outside of the United Kingdom, it is also among the List of top 10 Best Banks in the United Kingdom (UK).
It began operations in 1981, and ever since then, it has been providing services to the people living in Canada.
The HSBC Bank Canada employs a total of over six thousand workers (6,000). This financial institution’s main office is located in Vancouver.
9. Laurentian Bank of Canada
9th on the list we got Laurentian Bank of Canada,
This financial institution now sits in ninth place in terms of the overall assets it has amassed. Laurentian Bank of Canada has accumulated a total asset value of $45.2 billion Canadian dollars.
This financial institution has a revenue of 8544,7 million dollars. And throughout the same period of time, this financial institution recorded a net profit of 114 million dollars.
This company employs over three thousand six hundred individuals (3,600). It was a very old bank, having first opened its doors in the year 1846.
The organization’s headquarters may be found in Montreal, in the province of Quebec.
10. Canadian Western Bank
Canadian Western Bank comes in at number 10 on the list of financial institutions in terms of the total assets that they have accumulated.
In 1988 it was first established. The sum value of Canadian Western Bank’s acquired assets is over 35,300,000,000 Canadian dollars.
The Canadian Western Bank had a revenue of 270.6 million Canadian dollars and a net income of 805.2 million Canadian dollars. According to the statistics, there are over 2037 persons employed here. And the headquarters may be found in Edmonton, in the province of Alberta.
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Top 10 Best Canadian Financial Institutions: Biggest Banks in Canada
- Toronto-Dominion Bank
- Royal Bank of Canada
- Bank of Nova Scotia
- Bank of Montreal
- CIBC
- Desjardins Group
- National Bank
- HSBC Bank
- Laurentian Bank of Canada
- Canadian Western Bank
The preceding text served as a guide to banking in Canada. We’ve listed the top 10 best and largest banks in Canada, including their organizational charts and current financial standing.
This brings us to the end of this publication about the top 10 best and largest Banks in Canada. Located in different provinces including Ottawa, Ontario, Toronto, Vancouver, Montreal, Calgary, amongst others, via Afrokonnect.
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