Canada has some of the strongest banks in the world. Six of its banks have assets of more than $100 billion and they dominate the list of the world’s strongest banks as ranked by Bloomberg. Here is a list of the top 10 richest banks in Canada in terms of assets.
10. Churchill Investments Group – $2.06 billion
The Churchill Investments Group LLC, or CIG, is one of the largest commodity trading companies in North America. It is a member of the Canadian Bankers Association and the Canada Deposit Insurance Corporation. It is involved in investment banking, financial management, trading, mortgages, insurance, venture capital and real estate. It employs more than 7,300 people around the world. The company was established in 1976 in Montreal and it now has offices in Toronto, Los Angeles, New York, Las Vegas, Omaha and Hong Kong.
9. Banque Canadienne de l’Quest – $14.8 billion
BanqueCanadienne de l”Quest, or Canadian Western Bank, was established in 1988 in Edmonton. It can trace its roots from the Bank of Alberta, a bank formed in 1984 and who amalgamated with the Western & Pacific Bank of Canada in 1988. It employs more than 1,700 people. The bank offers personal accounts, mortgages, loans, investment products, business accounts, small business lending, insurance and credit card services.
8. Banque Laurentienne du Canada – $24.5 billion
The BanqueLaurentienne du Canada, or Laurentian Bank of Canada, was established in 1846 as the Banqued’Epargne de la Cite et du District. It is based in Montreal and it now has 157 branches, 32 commercial banking centers and 15 brokerage offices. It employs more than 3,200 people. It was the first chartered bank in Canada to link all its branches to a central computer, thus allowing for on-line transactions.
7. Banque HSBC Canada – $80 billion
Banque HSBC Canada, or HSBC Bank Canada, is part of HSBC, one of the largest banking groups in the world. it is the largest foreign-owned bank in the country. The bank is based in Vancouver and employs 6,000 people. It started out as the Hongkong Bank of Canada, or HBC, in 1981. It purchased Bank of British Columbia in 1986, Lloyds Bank of Canada in 1990, ANZ Canada in 1993, several branches of Marine Midland Bank in 1996, National Westminster in 1998 and Republic National Bank of New York in 2000. It was renamed to the HSBC Bank Canada in 1999 as part of the group’s strategy to create the HSBC global brand.
6. Banque Nationale du Canada – $156.3 billion
BanqueNationale du Canada, or the National Bank of Canada, was established in 1859 in Montreal. It is the leading bank in the Quebec region and is considered to be one of the strongest banks in the world. In 2011, it was even ranked by Bloomberg as the strongest bank in the entire North American continent. It has almost 20,000 employees spread over its network of 448 branches. It has a presence in most provinces in Canada, serving 2.4 million clients through its offices and 893 ATMs in the country.
5. Banque Canadienne Imperiale de Commerce – $353.7 billion
BanqueCanadienneImperiale de Commerce, or Canadian Imperial Bank of Commerce, was formed in 1961 in Toronto. It is commonly known as CIBC. It employs more than 42,300 people and serves more than 11 million clients around the world. it has a presence not only in Canada, but also in the United States, the United Kingdom, Asia and the Caribbean. In 2012, Bloomberg named the bank as the strongest in North America and the third strongest in the world. The bank came about because of a merger between two of Canada’s biggest banks, namely the Canadian Bank of Commerce and the Imperial Bank of Canada. The former was established in 1867 while the latter in 1875.
4. Banque de Montreal – $477.4 billion
Banque de Montreal, or Bank of Montreal, is the oldest bank in Canada. It was formed in 1817 in Montreal. It is known as the BMO and it serves seven million clients over its network of 900 branches. It employs more than 47,000 people. Its operations are divided into retail banking, capital markets and wealth management. In the United States, it is known as the BMO Harris Bank with the main office in Chicago. The wealth management division is marketed as BMO Nesbitt Burns.
3. Banque de la Nouvelle Ecosse – $575.3 billion
Banque de la Nouvelle Ecosse, or the Bank of Nova Scotia, is commonly called the Scotiabank. It was established in 1832 in Halifax after the Legislative Assembly of Nova Scotia incorporated it. In 1900, it moved its headquarters to Toronto. It markets itself as Canada’s international bank because of its acquisitions in the Caribbean, Latin America, Europe and India. It has a presence in 55 countries around the world, serving over 19 million clients. It also employs 81,000 people. It has a broad range of products and services, including personal, corporate, commercial and investment banking. The bank’s shares are traded in both the Toronto and New York Stock Exchanges.
2. Banque Toronto Dominion – $686.4 billion
Banque Toronto Dominion, or Toronto-Dominion Bank, was formed in 1955. It can trace its roots from the Bank of Toronto, which was established in 1855, and the Dominion Bank, which was formed in 1869. It is commonly known as TD and it has 11 million clients in over 1,150 branches in Canada alone. In the United States, it has 1,300 branches and 6.5 million clients. It has the sixth largest bank branch network in North America. It employs more than 79,000 people and it has been consistently ranked as one of Canada’s best employers.
1. Banque Royale du Canada – $751.7 billion
The Banque Royale du Canada, or Royal Bank of Canada, was established in 1864 in Halifax. Its corporate headquarters are in Montreal, while the operational head office is in Toronto. It has more than 80,000 employees around the world and serves more than 18 million clients. It has 1,209 branches in Canada, 439 in six southeast states in the US and 127 in the Caribbean. It is considered to be the largest company in Canada in terms of revenue and market capitalization.