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List of Banks in Canada

Published by Gbaf News

Posted on June 13, 2012

2 min read

· Last updated: December 3, 2018

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Overview of Canadian Banking System

See below the list of banks in Canada
Central bank
Bank of Canada

The Five Largest Canadian Banks

Five top banks of Canada
Royal Bank of Canada
TD Bank Financial Group
Scotiabank
Bank of Montreal
CIBC

Other Notable Banks in Canada

Other banks
Alberta Treasury Branches
AMEX Bank of Canada
Canadian Western Bank
Canadian Tire Financial Services
Citizens Bank of Canada
First Nations Bank of Canada
ING Bank of Canada
HSBC Bank Canada
Laurentian Bank of Canada
National Bank of Canada
President’s Choice Financial
Western Bank of Canada
ICICI Bank of Canada

Banks That Have Merged in Canada

Banks Merged with other Banks
Bank of British Columbia
Bank of the People
Bank of Toronto
Banque canadienne nationale
Provincial Bank of Canada/Banque provinciale du Canada
Canadian Bank of Commerce
Canadian Commercial Bank
Canada Trust
City and District Savings Bank of Montreal – Banque d’Epargne
Continental Bank of Canada
The Dominion Bank
Farmer’s Bank of York, Upper Canada
Home Bank
Imperial Bank of Canada
Lloyds Bank of Canada
Manulife Bank of Canada
Molson Bank
NBD Canada
Northland Bank
Standard Chartered Bank of Canada
Sterling Bank
Unity Bank
Sotto Bank of Canada
BCP Bank of Canada (Bank of Montreal)

See below the list of banks in Canada
Central bank
Bank of Canada

Five top banks of Canada
Royal Bank of Canada
TD Bank Financial Group
Scotiabank
Bank of Montreal
CIBC

Other banks
Alberta Treasury Branches
AMEX Bank of Canada
Canadian Western Bank
Canadian Tire Financial Services
Citizens Bank of Canada
First Nations Bank of Canada
ING Bank of Canada
HSBC Bank Canada
Laurentian Bank of Canada
National Bank of Canada
President’s Choice Financial
Western Bank of Canada
ICICI Bank of Canada

Banks Merged with other Banks
Bank of British Columbia
Bank of the People
Bank of Toronto
Banque canadienne nationale
Provincial Bank of Canada/Banque provinciale du Canada
Canadian Bank of Commerce
Canadian Commercial Bank
Canada Trust
City and District Savings Bank of Montreal – Banque d’Epargne
Continental Bank of Canada
The Dominion Bank
Farmer’s Bank of York, Upper Canada
Home Bank
Imperial Bank of Canada
Lloyds Bank of Canada
Manulife Bank of Canada
Molson Bank
NBD Canada
Northland Bank
Standard Chartered Bank of Canada
Sterling Bank
Unity Bank
Sotto Bank of Canada
BCP Bank of Canada (Bank of Montreal)

Key Takeaways

  • Canada’s central bank is the Bank of Canada, responsible for monetary policy and issuing currency.
  • The “Big Six” Canadian banks—RBC, TD, Scotiabank, BMO, CIBC, and National Bank—dominate the banking sector.
  • Banks in Canada are categorized under the federal Bank Act into Schedule I, II, and III.
  • Canada has seen numerous historical bank mergers and failures, many of which have shaped its modern banking landscape.

References

Frequently Asked Questions

What is the central bank of Canada?
The central bank is the Bank of Canada, responsible for issuing currency and monetary policy.
Which are considered Canada’s ‘Big Six’ banks?
They are Royal Bank of Canada (RBC), Toronto‑Dominion Bank (TD), Scotiabank, Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), and National Bank of Canada.
How are banks classified under Canadian law?
Under the Bank Act, banks are categorized into Schedule I (domestic), Schedule II (foreign‑owned subsidiaries), and Schedule III (foreign bank branches).
Are there banks no longer operating in Canada?
Yes, many historical banks such as the Bank of British Columbia, Canadian Bank of Commerce, Dominion Bank, and others merged or failed.

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