Financial institutions have recently faced various challenges due to the economic crisis that has been going on worldwide. Clients have turned to panic mode when some banks in different countries needed to take drastic measures to cope up with the crisis.
Canada is proud to have its biggest banks listed among the most sound banking systems in the globe. Amidst the economic crisis the world is faced with, the country still manages to sail strong in terms of money management and in providing excellent banking products and services to clients. In fact, banking in Canada is considered far and wide as the most secured and efficient banking system for the past three years as recognized by the World Economic Forum. Canada has the most number of automated banking machines (ABMs) per capita in the world and has the edge with utmost transmission levels for easy access through the use of electronic channels like telephone banking, Internet banking, and debit cards.
Here are the top 8 domestic banks of Canada. These banks do not only operate locally but also provide their products and services to clients from different parts of the world. They are not only the best domestic banks in terms of balance sheets but also in providing outstanding products and services.
8. Manulife Bank of Canada
Landing on the eighth spot is Manulife Bank of Canada. Although the bank does not have any physical branches unlike other banks, banking transactions can be done through online, telephone, and ABMs. The bank offers financial products through independent financial advisors such as mortgage products, high-interest bank accounts and investments, loans, and lines of credit. It launched the country’s first-ever “all-in-one” account called the Manulife One. This account allowed clients to combine their savings and checking accounts to make banking transactions more simple and help them effectively manage their money.
7. Laurentian Bank of Canada
The seventh spot goes to the Laurentian Bank of Canada, which operates under the Laurentian Group Corporation. It provides personal and commercial banking products and services, as well as brokerage. Their products include: financing, mortgage, transactional and investment. Students who need financial assistance can look up to the bank’s offers for their financing needs. It has 157 branches, 32 commercial banking centers and 15 offices for brokerage transactions. In 2010, the bank’s total net income was $122.9 million.
6. National Bank of Canada
Taking the sixth spot on the list is the National Bank of Canada. It provides electronic banking through National Bank eCommerce to cater to the different banking needs of about 2.5 million clients, which are either commercial or individual accounts. It offers life and automobile insurance which is sold to customers located mainly in Quebec. The National Bank Financial is the company’s investment-banking and brokerage division and it has extended its access outside of the Quebec clientele. Part of the bank’s products is providing agricultural and energy-financing businesses. Aside from its branches in Florida, it also manages the Natbank.
5. Canadian Imperial Bank of Commerce
The fifth place goes to Canadian Imperial Bank of Commerce (CIBC). It switched to retail banking to establish its domestic strength. The bank provides its services to more than 11 million customers worldwide. Clients are provided with different transaction channels such as online, mobile, and telephone banking. It employs about 40,000 personnel to accommodate the bank’s numerous clients. The bank continues to retain its major investment-banking presence in the country despite the recent strategic changes being implemented by the management.
4. Bank of Montreal
The Bank of Montreal or BMO Financial Group takes the fourth spot in our list of the best domestic banks in Canada. It has more than 1,000 branches locally and in the United States providing service to about 8.5 million American customers. The bank offers protection mortgage products to its growing clientele, covering areas such as life, disability, job loss, and severe illness. Customers can have alternative access through online and mobile banking. In 1984, it made history by making a significant investment through the purchase of Harris Bank and then continued to expand its operations in the United States.
3. Bank of Nova Scotia
In the third top spot is the Bank of Nova Scotia, which has about 13 million clients. The bank operates under the brand name Scotiabank. Locally, it has 972 branches and almost 3,000 ABMs. It operates in 50 other countries having more than 1,000 branches and offices, and about 2,000 ABMs to cater to the needs of its 4.7 million clients. The North American Free-Trade Agreement (NAFTA) platform provides combined wholesale banking in North America through Scotia Capital. Scotiabank also has small operations in the East including Egypt, India, Malaysia, and China.
2. Toronto-Dominion Bank (operating as “TD Canada Trust”)
Landing in the second place is Toronto-Dominion Bank also known as TD Canada Trust or TD Bank Financial Group. The bank provides life as well as automobile insurance, called TD Insurance, to its clientele. It employs nearly 60,000 employees locally and internationally to accommodate the bank’s 14 million customers. In Canada alone, it provides service to 11 million personal and commercial clients through its retail banking unit, the TD Canada Trust. The TD Securities is the bank’s investment dealer and it owns a stake in an online broker called TD Ameritrade. The bank purchased 51 percent of Banknorth Group in the early months of 2005.
1. Royal Bank of Canada
Finally, hitting the top spot is the Royal Bank of Canada operating under the brand name RBC Financial Group. In terms of assets, it is Canada’s largest bank having a presence in 34 countries, catering its service to more than 14 million customers and with a manpower of 70,000 employees. The bank has 1,400 local branches and about 4,300 ABMs to services its numerous clients. The bank owns RBC Dominion Securities, which is a leading securities underwriting and brokerage firm. Royal Bank of Canada’s products include life, property, and casualty insurance. These services are sold online and by direct mail through RBC Insurance.
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