List of banks and credit unions in Canada
This is a list of banks in Canada, including chartered banks, credit unions, trusts, and other financial services companies that offer banking services and may be popularly referred to as "banks".
The "Big Five"
Canada's "big five" banks, and a few statistics :| Bank Name | Also Known as | Institution No | Market Capitalization CAD, B | Employees | Revenue, B | Net Income, B | Total Assets, B |
| Royal Bank of Canada | RBC | 003 | 104.5 | 80,000 | 30 | 7.6 | 825 |
| Toronto-Dominion Bank | TD, TD Canada Trust | 004 | 94.8 | 79,000 | 23 | 6.3 | 811 |
| Bank of Nova Scotia | Scotiabank | 002 | 77 | 83,000 | 21 | 6.7 | 744 |
| Bank of Montreal | BMO | 001 | 47 | 47,000 | 13.7 | 3.2 | 542 |
| Canadian Imperial Bank of Commerce | CIBC | 010 | 38 | 42,000 | 12 | 2.5 | 352 |
The term "Big Six" is frequently used as well and includes the National Bank of Canada, though its operations are primarily focused in the provinces of Quebec and New Brunswick.
Banks by legal classification
Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks. For a greater explanation of the classifications, see Banking in Canada and Canada Bank Act.Schedule I banks (domestic banks)
Under the Canada Bank Act, Schedule I are banks that are not a subsidiary of a foreign bank, i.e., domestic banks, even if they have foreign shareholders. There are 30 domestic banks as of September 2016.| Bank | Established | Headquarters | Notes |
| ADS Canadian Bank | 1998 | Toronto | Formerly Dundee Bank of Canada. Subsequently renamed Hollis Canadian Bank until its current name ADS Canadian Bank. Subsidiary of Scotiabank. |
| Alterna Bank | 1992 | Ottawa | Owned by the credit union Alterna Savings. |
| B2B Bank | 2012 | Toronto | Subsidiary of Laurentian Bank. Prior to reorganization in 2012, was known as "B2B Trust". |
| Bank of Montreal | 1817 | Montreal | |
| Bank of Nova Scotia | 1832 | Toronto | Operating as "Scotiabank". |
| Bridgewater Bank | 2006 | Calgary | |
| Canadian Imperial Bank of Commerce | 1961 | Toronto | Formed by the merger of two banks founded in 1867 and 1873. Also includes Simplii Financial direct banking branch operation that was found in the late 1990s as a strategic partnership between PC Financial and CIBC until 2017 when it was rebranded as Simplii Financial. |
| Canadian Tire Bank | 2003 | Oakville, Ontario | |
| Canadian Western Bank | 1985 | Edmonton | |
| Continental Bank of Canada | 2013 | Whitby | |
| Concentra Bank | 2017 | Saskatoon | |
| DirectCash Bank | 2007 | Calgary | Arms-length relationship with DirectCash Payments Inc. |
| Duo Bank | 2009 | Mississauga | Incorporated under Schedule 2 of Canada's Bank Act in 2009; reclassified under Schedule 1 following completion of the sale by Walmart Canada to First National co-founder Stephen Smith and private equity firm Centerbridge Equity Partners, L.P. in April 2019. |
| Equitable Bank | 2013 | Toronto | |
| Exchange Bank of Canada | 2016 | Toronto | Provides foreign currency services to financial institutions and businesses. Subsidiary of Currency Exchange International Corp. |
| First Nations Bank of Canada | 1996 | Saskatoon | |
| General Bank of Canada | 2005 | Edmonton | Schedule 1 bank that primarily offers indirect auto financing for consumers through its retail portfolio as well as large commercial loans and aviation financing. |
| Haventree Bank | 2018 | Toronto | Private Bank. |
| Home Bank | 2015 | Toronto | Operates as part of Oaken Financial, which is owned by Home Capital Group. Home Bank began as CFF Bank, which was formed through acquisition of MonCana Bank by Canadian First Financial. CFF Bank became Home Bank in August 2016. |
| HomeEquity Bank | 2009 | Toronto | |
| Laurentian Bank of Canada | 1846 | Montreal | |
| Manulife Bank of Canada | 1993 | Toronto | |
| Motus Bank | 2019 | Toronto | Owned by Meridian Credit Union. |
| National Bank of Canada | 1859 | Montreal | |
| Rogers Bank | 2013 | Toronto | Owned by Rogers Communications. |
| Royal Bank of Canada | 1864 | Montreal | |
| Street Capital Bank of Canada | 2017 | Toronto | Granted schedule 1 status in December 2016. Commenced operations on 1 February 2017. |
| Tangerine Bank | 2013 | Toronto | Formerly ING Direct Canada, purchased by Scotiabank in November 2012, and name was changed to Tangerine in spring 2014. |
| Toronto-Dominion Bank | 1955 | Toronto | Operating as "TD Canada Trust". Formed by the merger of two banks founded in 1855 and 1869. |
| Vancity Community Investment Bank | 1997 | Vancouver | Previously known as Citizens Bank of Canada. Now a non-deposit taking bank; it no longer offers savings and loans products. |
| VersaBank | 1980 | London, Ontario | Previously known as Pacific & Western Bank of Canada. |
| Wealth One Bank of Canada | 2015 | Toronto | - |
| Zag Bank | 2002 | High River, Alberta | Formerly Bank West, owned by Desjardins Group since 2011. Currently being wound down. |
On 10 November 2014, Home Capital Group announced that it has applied to charter "Home Trust Bank" under Schedule I.
Schedule II banks (subsidiaries of foreign banks)
are banks allowed to accept deposits and which are subsidiaries of a foreign bank. As of October 2015, there were 24 of these banks in Canada, including three in liquidation.| Bank | Parent Country | Notes |
| AMEX Bank of Canada | ||
| Bank of America Canada | In voluntary liquidation. | |
| Bank of China | Previously a Schedule III representative office. | |
| Bank of Tokyo-Mitsubishi UFJ | ||
| Bank One Canada | In voluntary liquidation. | |
| BNP Paribas | ||
| BofA Canada Bank | Before December 2011, was known as MBNA Canada Bank. | |
| Citco Bank Canada | ||
| Citibank Canada | ||
| CTBC Bank Corp. | ||
| Habib Canadian Bank | ||
| HSBC Bank Canada | ||
| ICICI Bank Canada | ||
| Industrial and Commercial Bank of China | ||
| J.P. Morgan Bank Canada | ||
| J.P. Morgan Canada | In liquidation. | |
| KEB Hana Bank Canada | Formerly Korea Exchange Bank of Canada. | |
| Mega International Commercial Bank | ||
| Shinhan Bank Canada | ||
| Société Générale Capital Canada | ||
| State Bank of India | ||
| Sumitomo Mitsui Banking Corporation of Canada | ||
| UBS Bank |
Schedule III banks (branches of foreign banks)
Full service
The following banks are not authorized to accept deposits in Canada of less than $150,000. As of August 2016, there were 28 such banks in Canada.| Bank | Parent Country | Notes |
| Bank of America, National Association | ||
| Bank of New York Mellon | ||
| Bank of Tokyo-Mitsubishi UFJ, Ltd., Canada Branch | ||
| Barclays Bank PLC | ||
| BNP Paribas | ||
| Capital One Bank | ||
| China Construction Bank Toronto Branch | ||
| Citibank, N.A. | ||
| Comerica Bank | ||
| Deutsche Bank AG | ||
| Fifth Third Bank | ||
| First Commercial Bank | ||
| JPMorgan Chase Bank, National Association | ||
| M&T Bank | ||
| Maple Bank | Holding group is based in Canada but chartered through a subsidiary German bank. In liquidation. | |
| Mizuho Bank, Ltd., Canada Branch | ||
| Northern Trust Company, Canada Branch | ||
| PNC Bank Canada Branch | ||
| Rabobank Nederland | ||
| Royal Bank of Scotland plc, Canada Branch | ||
| Société Générale | ||
| State Street | ||
| Sumitomo Mitsui Banking Corporation, Canada Branch | ||
| U.S. Bank National Association | ||
| UBS AG Canada Branch | ||
| United Overseas Bank Limited | ||
| Wells Fargo Bank, National Association, Canadian Branch |
Lending only
The following banks are prohibited from accepting deposits or borrowing money except from financial institutions. There were four such banks in Canada as of August 2016.| Bank | Parent Country | Notes |
| Crédit Agricole Corporate and Investment Bank | ||
| Credit Suisse, Toronto Branch | ||
| Natixis, Canada Branch | ||
| Union Bank of California, N.A., Canada Branch |
Government-owned financial institutions
- Bank of Canada
- Business Development Bank of Canada
- Farm Credit Canada – Government-owned Farm Credit is not a deposit-taking bank. It is, however, a major lender to the agriculture and agri-food industries.
- ATB Financial
Credit unions
Credit unions outside Quebec
As of second quarter 2018, the 265 credit unions and caisses populaires outside Quebec reported combined assets of $233.47 billion:| Credit Union | Province | Assets | Members |
| Vancity | BC | 22,268,851,813 | 499,039 |
| Coast Capital Savings | BC | 19,288,178,756 | 564,672 |
| Meridian Credit Union | ON | 16,278,452,967 | 334,387 |
| Servus Credit Union | AB | 15,905,331,126 | 365,402 |
| First West Credit Union | BC | 10,133,463,000 | 226,178 |
| Conexus Credit Union | SK | 6,095,442,884 | 127,461 |
| Steinbach Credit Union | MB | 5,573,565,534 | 89,548 |
| Affinity Credit Union | SK | 5,415,298,531 | 118,024 |
| Alterna Savings and Credit Union Limited | ON | 5,097,008,000 | 139,648 |
| Connect First Credit Union | AB | 4,574,517,000 | 107,697 |
| Assiniboine Credit Union | MB | 4,566,128,768 | 125,523 |
| BlueShore Financial Credit Union | BC | 4,330,858,088 | 46,186 |
| UNI Financial Cooperation | NB | 4,200,152,000 | 147,007 |
| FirstOntario Credit Union Limited | ON | 4,014,510,000 | 122,510 |
| Innovation Credit Union | SK | 2,400,000,000 | 52,000 |
| Access Credit Union | MB | 3,300,000,000 | 53,000 |
Desjardins
Most caisses populaires in Quebec are part of a network which operates as the Desjardins Group. Desjardins Group owns and operates a range of subsidiaries, including a securities brokerage, a venture capital firm, and a bank based in Florida.As of 31 December 2015, Desjardins Group's consolidated assets totalled $248.1 billion CAD.
Defunct and merged banks
- Amicus Bank was in voluntary liquidation and its assets repatriated to CIBC.
- Bank of Alberta and the Western & Pacific Bank of Canada merged to become Canadian Western Bank.
- Bank of British Columbia's assets acquired by HSBC Canada.
- Bank of British North America merged into Bank of Montreal.
- Bank of New Brunswick was founded in 1820 and merged with the Bank of Nova Scotia in 1913.
- Bank of Ottawa merged with the Bank of Nova Scotia in 1919.
- Bank of the People was purchased by the Bank of Montreal in 1840.
- Bank of Toronto merged with The Dominion Bank in 1955 to form the Toronto-Dominion Bank, now known as TD Bank Group.
- Portuguese Commercial Bank Canadian operations acquired by BMO in 2007.
- Banque canadienne nationale merged with Provincial Bank of Canada/Banque provinciale du Canada to become National Bank of Canada
- Barclays Bank Canada became Imperial Bank of Canada, now known as Canadian Imperial Bank of Commerce in 1956 and Hongkong Bank of Canada, now known as HSBC Bank Canada, in 1996.
- Provincial Bank of Canada/Banque provinciale du Canada. Merged with Banque canadienne nationale to become National Bank of Canada
- Canada Trust merged with Toronto-Dominion Bank in 2000
- Canadian Bank of Commerce merged with Imperial Bank of Canada in 1961 to form the Canadian Imperial Bank of Commerce.
- Canadian Commercial Bank Failed in 1985.
- Eastern Townships Bank with the Canadian Bank of Commerce in 1912.
- Montreal City and District Savings Bank or La Banque d’Epargne converted from a savings bank to a regular bank and changed its name to Laurentian Bank of Canada
- Continental Bank of Canada became Lloyds Bank Canada in 1986.
- Farmer's Bank of York, Upper Canada
- Farmers' Bank of Rustico was a community bank in Prince Edward Island that closed after the passage of the 1871 Bank Act.
- Home Bank of Canada failed in 1923
- Home District Savings Bank, Toronto – founded 1830 for trades persons with deposits with Bank of Upper Canada but was alternative to those not aligned with the Family Compact which controlled the Bank of Upper Canada. Ceased to exist sometime after the Rebellion of 1837.
- Imperial Bank of Canada merged with Canadian Bank of Commerce to form the Canadian Imperial Bank of Commerce.
- Lloyds Bank Canada became Hongkong Bank of Canada, now known as HSBC Bank Canada in 1990.
- Mercantile Bank of Canada, minority owned by Citibank, was merged into the National Bank of Canada in 1985.
- Merchants' Bank of Canada – founded in 1861; acquired by Bank of Montreal in 1921.
- Molson Bank of Montreal was merged into the Bank of Montreal in 1925.
- Midland Bank Canada became Hongkong Bank of Canada, now known as HSBC Bank Canada in 1988.
- Newfoundland Commercial Bank was founded in 1857 and collapsed in 1894.
- Newfoundland Savings Bank was founded in 1834.
- Northland Bank Failed in 1985.
- National Bank of Greece's Canadian assets merged into Bank of Nova Scotia in 2005
- National Westminster Bank of Canada became Hongkong Bank of Canada, now known as HSBC Bank Canada in 1998.
- Ontario Bank's assets merged into Bank of Montreal in 1906
- Standard Bank of Canada merged with Canadian Bank of Commerce in 1928
- Standard Chartered Bank of Canada
- Sterling Bank was acquired by Provincial Bank of Canada/Banque provinciale du Canada.
- Union Bank of Canada was founded in Quebec City in 1865 as the Union Bank of Lower Canada. It changed its name in 1886 to the Union Bank of Canada. Merged with the Royal Bank of Canada in 1925.
- Union Bank of Halifax was founded in Halifax in 1856. Merged with the Royal Bank of Canada in 1910.
- Union Bank of Newfoundland was founded in 1854 and collapsed in 1894.
Credit agencies
- PayNet Inc.
- Equifax Canada
- TransUnion Canada
- Echo Group