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".
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.
On November 10, 2014, Home Capital Group announced that it has applied to charter "Home Trust Bank" under Schedule I.
Schedule II banks (subsidiaries of foreign banks)
As of October 2015, there were 24 of these banks in Canada, including three in liquidation.
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.
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.
Government-owned banks
- Bank of Canada (Central Bank)
- 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.
- Alberta Treasury Branches (ATB Financial) is a unique, provincially owned company that provides banking services, but for legal reasons is not considered a bank. It was created during the Great Depression by the government of William Aberhart under the influence of the strongly anti-bank economic ideology called Social Credit. The Social Credit Party of Alberta, won the 1935 election in part on a platform that argued for the nationalization or abolition of banks. But court cases later determined that the provincial government did not have the powers to do this. The ATB was created as a provincial-government alternative to the private banks. If it were a bank, ATB would be subject to federal legislation; therefore, the institution is never legally referred to as a bank so that it can remain under provincial jurisdiction. However, it offers all services associated with a standard retail bank.
Credit unions
Canada has a strong co-operative financial services sector, which consists of credit unions (caisses populaires in Quebec and other French speaking regions). At the end of 2001 Canada's credit union sector consisted of 681 credit unions and 914 caisses populaires, with more than 3,600 locations and 4,100 automated teller machines. By 2012, consolidation reduced this number to 394 credits unions and caisses populaires outside of Quebec. Canada has the world's highest per capita membership in the credit union movement, with over 10 million members, or about one-third of the Canadian population. While the sector is active in all parts of the country, it is strongest in the western provinces and in Quebec. In Quebec 70 per cent of the population belongs to a caisse populaire, while in Saskatchewan close to 60 per cent belongs to a credit union.
Credit unions outside of Quebec
As of second quarter 2016, the 320 credit unions and caisses populaires outside of Quebec reported combined assets of $201.4 billion, a six-month increase of 4.0 per cent over fourth quarter 2015:
Desjardins
Most caisses populaires in Quebec (and some outside the province) 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 December 31, 2015, Desjardins Group's consolidated assets totalled $248.1 billion CAD.
The "Big Five"
Canada's "big five" banks, and a few statistics (2013):
The term "Big Six" is frequently used as well. The "Big Six" also includes the National Bank of Canada (2013 market cap of $8.9B), though its operations are primarily focused in the provinces of Quebec and New Brunswick.
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
- 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.
- 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 (CIBC).
- 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
- 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 exists sometime after the Rebellion of 1837.
- Imperial Bank of Canada merged with Canadian Bank of Commerce to form the Canadian Imperial Bank of Commerce (CIBC).
- 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.
- 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.
- 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.
- 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.
Credit agencies
- PayNet Inc.
- Equifax Canada
- TransUnion Canada
- Echo Group
See also
- Banking in Canada
- Credit Union
- Canadian transit number
- Canada Bank Company
- ATB Financial
References
External links
- List of banks regulated by the Office of the Superintendent of Financial Institutions
- List of Canadian banks via the Canada Revenue Agency website
- Credit Union Central of Canada's Publications
- Bank locations in Canada
- List of banks in Canada
- Information about Banks in Canada