Canada’s “Big Five” banks—all headquartered in Toronto’s Financial District—dominate the nation’s banking sector. They offer a comprehensive range of services, including personal and commercial banking, wealth management, and investment banking. Ranked by total assets, they are:
1. Royal Bank of Canada (RBC)
Royal Bank of Canada (RBC) is the largest bank in Canada by market capitalization and a leading multinational financial services institution. Founded in 1864 in Halifax, Nova Scotia, RBC now serves over 20 million clients globally and employs more than 100,000 people. Its corporate headquarters are in Toronto, with its head office in Montreal.
RBC operates across a broad spectrum of financial services, including personal and commercial banking (branded as RBC Royal Bank / RBC Banque Royale), wealth management, insurance, investor services, and capital markets. The bank maintains a strong presence in Canada, the United States—through RBC Bank and City National Bank—and the Caribbean. In 2024, RBC expanded further with the acquisition of HSBC’s Canadian operations.
Designated as a global systemically important bank by the Financial Stability Board since 2017, RBC had CA$1.01 trillion in assets under management in 2021 and was ranked 38th in the 2023 Forbes Global 2000. RBC’s institutional number is 003.
2. Toronto-Dominion Bank (TD Bank Group)
Toronto-Dominion Bank (TD Bank Group) is a leading Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. Formed on February 1, 1955, through the merger of the Bank of Toronto (1855) and the Dominion Bank (1869), TD is one of Canada’s “Big Five” banks.
As of 2021, TD Bank Group was the largest bank in Canada by total assets and market capitalization, a top 10 bank in North America, and the 23rd largest globally, according to Standard & Poor’s. It was designated a global systemically important bank in 2019 and ranked 43rd in the 2023 Forbes Global 2000.
TD serves over 26 million clients worldwide with more than 89,000 employees. In Canada, it operates under the TD Canada Trust brand, with over 1,060 branches serving more than 11 million customers. In the United States, TD Bank, N.A. serves over 6.5 million customers across 16 states and Washington, D.C., with a network of more than 1,170 branches.
3. Bank of Nova Scotia (Scotiabank)
The Bank of Nova Scotia, operating as Scotiabank, is a leading Canadian multinational bank and financial services company. Scotiabank is Canada’s most international bank, with operations in over 50 countries. It provides diversified financial services, including personal and commercial banking, wealth management, and corporate and investment banking. It is one of Canada’s Big Five banks and ranks as the third-largest Canadian bank by both deposits and market capitalization.
Founded in 1832 in Halifax, Nova Scotia, the bank relocated its headquarters to Toronto in 1900. With strategic acquisitions, especially in Latin America and the Caribbean, as well as parts of Europe and Asia, Scotiabank has built a reputation as “Canada’s most international bank.”
Scotiabank is a member of the London Bullion Market Association and was one of fifteen institutions involved in the London gold fixing through its former Scotia Mocatta division (1997–2019).
In 2023, Brian J. Porter retired as President and CEO. He was succeeded by Scott Thomson, who took office on January 31, 2023.
4. Bank of Montreal (BMO)
The Bank of Montreal (BMO), founded in 1817 as Montreal Bank, is Canada’s oldest bank and a leading multinational investment and financial services institution. Headquartered in Montreal with operational headquarters in Toronto since 1977, BMO is listed on both the Toronto and New York Stock Exchanges under the ticker symbol BMO. As of April 2024, it reported total assets of CA$1.37 trillion and ranked 84th in the Forbes Global 2000 list for 2023. Serving over 13 million customers globally through more than 900 Canadian and 1,000 U.S. branches, BMO operates its American division as BMO Financial Group, with a strong presence in Chicago and nationwide via BMO Bank, N.A. Its investment banking arm is branded BMO Capital Markets, while its wealth management services operate as BMO Nesbitt Burns. In a major strategic move, BMO announced the US$16.3 billion acquisition of Bank of the West from BNP Paribas in December 2021 to significantly expand its U.S. footprint.
5. Canadian Imperial Bank of Commerce (CIBC)
The Canadian Imperial Bank of Commerce (CIBC) is a leading Canadian multinational banking and financial services corporation, headquartered at CIBC Square in Toronto’s Financial District. Formed in 1961 through the historic merger of the Canadian Bank of Commerce (est. 1867) and the Imperial Bank of Canada (est. 1873), it was the largest chartered bank merger in Canadian history. One of the two “Big Five” banks founded in Toronto, CIBC operates four strategic business units: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. With a strong international presence in the U.S., the Caribbean, Asia, and the U.K., CIBC serves more than 11 million clients worldwide with over 40,000 employees. The bank ranks 172nd on the Forbes Global 2000 list, and its institution number and SWIFT code are 010 and CIBCCATT, respectively.