Canadian Banks
This Page's Content Was Last Updated: December 30, 2025
Canadian Banks Market Overview
The Big 6 Banks heavily dominate the Canadian banking market, but there is also space for smaller, regional banks to operate and grow. The Big Six Banks account for approximately 89.5% of the total assets held by banks and credit unions. For comparison, Desjardins, the largest credit union in Canada, holds approximately 5% in banking assets. Smaller banks hold 3.5% of the assets, while other credit unions have only 2% of total assets.
Select Financial Information for Canadian Banks as of Q3 2025 (In Millions)
Bank⇅ | Assets▼ | Net Loans⇅ | Deposits⇅ | Securities⇅ |
|---|---|---|---|---|
| RBC | $2,438,057 | $1,018,972 | $1,475,972 | $536,460 |
| TD | $2,077,043 | $971,622 | $1,481,600 | $531,384 |
| Scotiabank | $1,445,594 | $766,127 | $963,129 | $299,590 |
| BMO | $1,440,489 | $673,930 | $962,017 | $412,763 |
| CIBC | $1,107,043 | $578,908 | $775,702 | $281,157 |
| National Bank | $570,077 | $289,917 | $403,496 | $195,410 |
| ATB* | $66,919 | $56,468 | $44,203 | $6,379 |
| Equitable Bank | $54,114 | $46,493 | $36,252 | $2,736 |
| Laurentian Bank | $48,626 | $35,504 | $24,265 | $7,536 |
| Fairstone Bank | $31,594 | $28,538 | $22,809 | $940 |
| Manulife Bank | $31,056 | $28,138 | $22,277 | $287 |
| Coast Capital Savings** | $22,531 | $19,428 | $18,994 | $2,270 |
| HomeEquity Bank | $10,066 | $7,549 | $7,655 | $0 |
| Canadian Tire Bank | $7,389 | $6,653 | $3,466 | $167 |
| PC Bank | $5,767 | $4,091 | $2,076 | $869 |
| UNI Financial Cooperation** | $5,417 | $4,232 | $4,359 | $653 |
| VersaBank | $5,320 | $4,653 | $4,408 | $137 |
| Innovation Federal Credit Union** | $4,340 | $3,663 | $3,575 | $262 |
| Haventree Bank | $4,027 | $3,637 | $3,106 | $76 |
| General Bank | $3,610 | $3,119 | $2,942 | $23 |
| RFA Bank | $2,539 | $2,222 | $2,230 | $173 |
| Bridgewater Bank | $2,104 | $1,830 | $1,680 | $42 |
| First Nations Bank | $1,430 | $687 | $1,316 | $0 |
| Rogers Bank | $1,090 | $841 | $0 | $68 |
| Wealth One Bank | $544 | $481 | $487 | $40 |
| Peoples Bank | $536 | $89 | $491 | $57 |
| Motus Bank | $169 | $61 | $82 | $59 |
| Digital Commerce Bank | $139 | $0 | $109 | $0 |
| Exchange Bank | $37 | $0 | $0 | $0 |
* This is not a Federally Regulated Bank.
** This is a Federally Regulated Credit Union.
Depending on the products and services you are looking to get from your financial institution, different types of banks and even specific banks can help you find the best solution out of all available. The big banks are often best for day-to-day banking, which requires handling cash and cards and easy access to branches across Canada. The smaller banks usually have a better online presence, offering lower banking fees and more attractive perks on basic products, such as chequing accounts. Non-banks, such as credit unions and some fintechs, also have their own niche products in savings, investments, and lending that may offer better terms than banks.
Big Six Banks in Canada
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The Big Six Banks refer to Canada’s six largest banks, which are significantly larger than all other banks. For comparison, National Bank, the smallest of the Big Six, is 60% bigger than all other smaller banks combined. These banks are convenient choices for all-day-to-day operations, with frequent branches across Canada, modern apps, and an extensive list of financial products and services. For example, the mortgages of Big Six banks are accessible to a large number of people with diverse housing requirements.
While they offer convenience across Canada, their size gives them significant leverage in negotiations with their clients. For example, it may be challenging to obtain the best rates for certain types of products, such as loans and deposits. Savvy borrowers can negotiate better loan rates, but it might require shopping around with smaller lenders first.
RBC Select Data for Q3 2025
| Total Deposits | Total Net Loans | Total Assets (Market Share) | Market Capitalization |
|---|---|---|---|
| $1,481,477 M | $1,025,460 M | $2,227,893 M (24.1%) | $249,803 M |
RBC Risk Metrics for Q3 2025
| Metric | ACL | PCL | Net Write-Offs |
|---|---|---|---|
| Total | $7,657 M | $881 M | $622 M |
| As % of Net Loans | 0.75% | 0.09% | 0.06% |
RBC Presence by Regions (End of 2024)
| Geography | Assets Under Administration |
|---|---|
| Canada | $2,977,500 M |
| U.S. | $950,000 M |
| U.K., Europe, Australia, Asia & Other Regions | $1,038,000 M |
Loans and Deposits Within and Outside Canada
- Inside Canada
- Outside Canada
- Inside Canada
- Outside Canada
Check out RBC’s Earnings Report for more information.
Royal Bank of Canada was founded in Halifax in 1864. It was called Merchants Bank of Halifax at that time, but with rapid expansion across Canada, it was renamed to Royal Bank of Canada in 1901.
Initially, it was focused on financing commercial operations in the fishing and timber industries as well as European and Caribbean trade operations. During the 1870s and 1880s, it gradually expanded into other Maritime Provinces, outliving its competitors and establishing itself as a stable financial institution.
In 1901, the bank was renamed the Royal Bank of Canada to reflect its growth in the western Provinces, and its headquarters moved to Montreal. Throughout the early and mid-20th century, the bank rapidly expanded westward and merged with many smaller banks, including Union Bank of Halifax (Halifax), Quebec Bank (Quebec), Northern Crown Bank (Winnipeg), Crown Bank of Canada (Ontario), and other international banks.
Products and Services
RBC offers a wide range of products across various financial sectors for diverse client types:
- Personal & Commercial Banking: Secured and unsecured lending and deposit products, including chequing, high-interest savings, U.S. dollar, student, and business accounts. Variable and fixed mortgage products that track RBC’s Prime rate and RBC’s fixed mortgage rates.
- Wealth Management: Investment management with RBC Dominion Securities, which includes mutual funds, ETFs, and managed portfolios. It also provides financial, retirement, estate planning, and tax optimization services. For high-net-worth individuals, it provides personalized banking and credit solutions.
- Capital Markets: M&A Advisory, equity and debt financing, and structured products for sale on public markets.
- Insurance: Life and health insurance, property and tenant insurance, auto insurance, and group benefits.
- Other Investor Services: Asset servicing for institutional investors, accounting, reporting, compliance for funds, and cash and liquidity management.
Even today, RBC continues to expand through mergers and acquisitions. The most recent deal took place on March 28, 2024, when RBC acquired HSBC Canada, which had approximately 4,500 employees and 780,000 clients.
TD Bank Select Data for Q3 2025
| Total Deposits | Total Net Loans | Total Assets (Market Share) | Market Capitalization |
|---|---|---|---|
| $1,484,414 M | $936,090 M | $2,035,200 M (20.5%) | $172,300 M |
TD Risk Metrics for Q3 2025
| Metric | ACL | PCL | Net Write-Offs |
|---|---|---|---|
| Total | $9,705 M | $971 M | $833 M |
| As % of Net Loans | 1.04% | 0.10% | 0.09% |
TD Presence by Regions (End of 2024)
| Geography | Revenue | Total Assets |
|---|---|---|
| Canada | $31,453 M | $1,146,243 M |
| U.S. | $22,097 M | $749,353 M |
| Other international | $3,673 M | $166,155 M |
Loans and Deposits Within and Outside Canada
- Inside Canada
- Outside Canada
- Inside Canada
- Outside Canada
Check out TD’s Earnings Report for more information.
The Bank of Toronto and the Dominion Bank merged to create Toronto Dominion Bank in 1954. The Bank of Toronto was originally established in 1855, while the Dominion Bank was established in 1869. This spans the history of the two banks, dating back almost 100 years, before the establishment of TD Bank. At the time of the merger, both banks had a similar size and a healthy balance sheet, which made them good candidates for a merger. These two smaller regional banks have combined to form the 4th largest bank in Canada, with $1.1 billion in assets.
In 1967, TD Bank opened its headquarters in downtown Toronto, and in 1969, it unveiled its rebranding efforts to the public. In 1976, it began rolling out its first ATMs, just 10 years after the initial invention in Japan.
During the late 20th century and early 2000s, the bank has been growing across Canada via mergers, acquisitions, and partnerships. In the 1990s, it acquired certain parts of Standard Chartered Bank of Canada, Central Guaranty Trust, and Waterhouse Investor Services. It also established a partnership with G4S Cash Solutions to transport cash and service their ATMs throughout the country. It even tried to merge with CIBC in 1998, but the Minister of Finance blocked this merger as well as the merger of RBC with BMO, citing that these mergers were not in the best interest of Canadians.
In 2000, TD bought Newcrest Capital and rebranded its commercial banking operations in Canada as TD Canada Trust. Even though this acquisition was approved, the bank had to adhere to certain conditions that resulted in the sale of various business assets. In the 21st century, TD Bank has rapidly acquired various financial institutions and established its presence in the United States.
Products and Services
- Personal & Commercial Banking: Chequing and savings accounts, mortgages, personal loans, small business financing, student banking, and commercial banking services. Variable and fixed mortgage products that track TD’s Prime rate and TD’s fixed mortgage rates.
- Wealth Management: TD Wealth for investment management, private banking, financial planning, and estate services. TD Direct for online brokerage services.
- Capital Markets: Corporate banking, investment banking, FX services, and global transaction services.
- Insurance: Home and tenant insurance, auto insurance, life and health insurance, travel insurance, and creditor insurance.
- U.S. Operations: Strong retail presence in the U.S., providing banking services for individual and corporate customers.
Scotiabank Select Data for Q3 2025
| Total Deposits | Total Net Loans | Total Assets (Market Share) | Market Capitalization |
|---|---|---|---|
| $946,842 M | $761,560 M | $1,415,000 M (14.3%) | $95,781 M |
Scotiabank Risk Metrics for Q3 2025
| Metric | ACL | PCL | Net Write-Offs |
|---|---|---|---|
| Total | $7,386 M | $1,041 M | $948 M |
| As % of Net Loans | 0.97% | 0.14% | 0.12% |
Scotiabank Presence in Other Regions (2024)
| Foreign Subsidiary | Total Assets in US$ |
|---|---|
| Scotiabank Chile | $57.72 M |
| Scotiabank México | $38.85 M |
| Scotiabank Perú | $19.11 M |
Loans and Deposits Within and Outside Canada
- Inside Canada
- Outside Canada
- Inside Canada
- Outside Canada
Check out Scotiabank’s Earnings Report for more information.
Scotiabank was founded in 1832 as a financing hub for Atlantic trade. It established a strong base in Nova Scotia until 1874, when its branch in Saint John, New Brunswick, became the first outside of Nova Scotia. In 1883, the Bank of Nova Scotia merged with the Union Bank of Prince Edward Island, thereby establishing a more substantial presence in the Maritime Provinces.
Since 1882, it has expanded beyond the Maritime Provinces, establishing a presence in Winnipeg, Manitoba. These operations later expanded to the U.S. market, with branches opening in Minneapolis and Chicago. In the late 1880s, Scotiabank expanded southward, reaching the Caribbean by opening a branch in Kingston, Jamaica, to support increasing trade activities.
During the 20th century, it expanded rapidly through mergers and acquisitions, particularly during the economic boom that followed the Second World War. In the 1960s and 1970s, Scotiabank began expanding into Asia and diversified its Canadian operations during the 1980s and 1990s through major acquisitions, including McLeod Young Weir, Montreal Trust, and National Trust.
In the 21st century, Scotiabank has a strong presence in North and South America, as well as branches in Asia and Europe. Especially in Latin America, Scotiabank controls a variety of financial groups, including Grupo Financiero Scotiabank, Scotiabank El Salvador, Scotiabank Sud Americano, and Scotiabank Peru.
Products and Services
- Personal & Commercial Banking: Chequing and savings accounts, mortgages, personal and commercial lending, and international commercial services. Variable and fixed mortgage products that track Scotiabank’s Prime rate and Scotiabank’s fixed mortgage rates.
- Wealth Management: Investment advisory, asset management, financial planning and private banking.
- Capital Markets: Global banking and public market services, including trading, corporate lending, and issuance of structured products.
- Insurance: Creditor insurance, travel insurance, life and health insurance.
- International Banking: Retail and commercial banking services across South America and the Caribbean.
BMO Select Data for Q3 2025
| Total Deposits | Total Net Loans | Total Assets (Market Share) | Market Capitalization |
|---|---|---|---|
| $955,363 M | $677,135 M | $1,431,553 M (14.2%) | $109,552 M |
BMO Risk Metrics for Q3 2025
| Metric | ACL | PCL | Net Write-Offs |
|---|---|---|---|
| Total | $5,786 M | $797 M | $496 M |
| As % of Net Loans | 0.85% | 0.12% | 0.07% |
BMO Presence by Regions (End of 2024)
| Geography | Reported Net Income |
|---|---|
| Canada/Other | $4,453 M |
| U.S. | $2,847 M |
Loans and Deposits Within and Outside Canada
- Inside Canada
- Outside Canada
- Inside Canada
- Outside Canada
Check out BMO’s Earnings Report for more information.
BMO is Canada’s oldest bank, founded in Montreal in 1817 as the Montreal Bank. In 1818, it started expanding across Quebec and opened its first foreign office in New York City. By 1822, the bank converted to a public company and was recognized under its current name, Bank of Montreal (BMO).
In the 1820s and 1830s, it attempted to expand into populous Upper Canada, currently Southern Ontario, but this effort was halted as the Parliament of Upper Canada didn’t allow banks with head offices outside of Upper Canada to operate within its borders. In 1838, BMO successfully entered Upper Canada with the purchase of Bank of the People, which was based in Toronto.
During the late 19th century, the bank expanded into the Atlantic and Western provinces following the Canadian Confederation. During that time, BMO opened its branches in Winnipeg, Halifax, Saint John, and surrounding areas.
By the beginning of the 20th century, BMO had a presence in all Atlantic provinces. Like other large banks, it began expanding through acquisitions in both Atlantic and Western provinces. In 1942, BMO stopped producing its own banknotes as the Bank of Canada became the sole issuer of Canadian currency. During the mid-to-late 20th century, BMO expanded its presence across Canada, particularly in Ontario and Montreal. It also expanded into the US with the purchase of Harris Bank and rebranding it as BMO Harris Bank.
BMO became the first Canadian bank listed on the New York Stock Exchange in 1994. In the late 1990s, the bank also opened its first branches in China and acquired smaller banks across the countries where it operated.
Products and Services
- Personal & Commercial Banking: Chequing, savings, mortgages, loans, and business financing. Variable and fixed mortgage products that track BMO’s Prime rate and BMO’s fixed mortgage rates.
- Wealth Management: BMO Nesbitt Burns, asset management, estate planning, and private wealth services.
- Capital Markets: Investment and corporate banking, equity research, and global trading.
- Insurance: Life, health, creditor, and travel insurance options.
- Cross-Border Services: Tailored banking for individuals and businesses operating in both Canada and the U.S.
CIBC Select Data for Q3 2025
| Total Deposits | Total Net Loans and Acceptances | Total Assets (Market Share) | Market Capitalization |
|---|---|---|---|
| $792,672 M | $581,644 M | $1,102,255 M (10.9%) | $92,044 M |
CIBC Risk Metrics for Q3 2025
| Metric | ACL | PCL | Net Write-Offs |
|---|---|---|---|
| Total | $4,588 M | $559 M | $401 M |
| As % of Net Loans and Acceptances | 0.79% | 0.10% | 0.07% |
CIBC Presence by Regions (End of 2024)
| Geography | Total Revenue | Net Income | Average Assets |
|---|---|---|---|
| Canada | $17,344 M | $3,621 M | $750,500 M |
| U.S. | $4,834 M | $1,400 M | $177,688 M |
| Caribbean | $2,491 M | $1,694 M | $52,862 M |
| Other countries | $937 M | $439 M | $24,083 M |
Deposits Within and Outside Canada
- Inside Canada
- Outside Canada
Check out CIBC’s Earnings Report for more information.
This bank was formed as a result of the merger between Imperial Bank of Canada and Canadian Bank of Commerce in 1961; however, the history of the banks dates back to the mid-19th century. The merger happened largely due to Barclays Bank's involvement, which controlled a significant portion of Imperial Bank by buying the bank’s shares on the open market. To avoid a takeover by Barclays Bank, the Imperial chairman approached the president of Commerce Bank to strike a secretive merger deal.
As CIBC was formed, it had over 1,200 branches across Canada with great resources and the largest number of branches among all banks in Canada. CIBC was a pioneer in the computerization of banking services in Canada, as it began to provide and track banking services electronically at its main branch in Toronto. Following a series of mergers, CIBC continued to be the innovation leader by introducing automated telephone banking in 1992 and launching a website in 1995.
In the 21st century, CIBC has remained an innovative bank. In 2010, it launched a mobile banking app that exceeded 100,000 downloads in just over a month. It continues to expand and acquire financial companies in the Caribbean, the USA, and Canada. It has also launched several generative AI pilot programs and signed the Canadian government’s voluntary code of conduct for artificial intelligence.
Products and Services
- Personal & Commercial Banking: Everyday accounts, mortgages, loans, lines of credit, and small business solutions. Variable and fixed mortgage products that track CIBC’s Prime rate and CIBC’s fixed mortgage rates.
- Wealth Management: CIBC Wood Gundy and CIBC Asset Management for investing, financial advice, and private banking.
- Capital Markets: Investment banking, corporate banking, and global markets services.
- Insurance: Travel, creditor, and life insurance options.
- Digital Innovation: Known for strong mobile banking platforms, including CIBC’s award-winning mobile app and partnerships with fintech platforms like Simplii Financial.
National Bank Select Data for Q3 2025
| Total Deposits | Total Net Loans and Acceptances | Total Assets (Market Share) | Market Capitalization |
|---|---|---|---|
| $402,286 M | $292,743 M | $552,621 M (5.6%) | $56,494 M |
National Bank Risk Metrics for Q3 2025
| Metric | ACL | PCL | Net Write-Offs |
|---|---|---|---|
| Total | $2,285 M | $203 M | $125 M |
| As % of Net Loans | 0.78% | 0.07% | 0.04% |
NBC Presence by Regions (End of 2024)
| Geography | Reported Net Income |
|---|---|
| Canada | $9,186 M |
| Outside Canada | $2,442 M |
Loans and Deposits Within and Outside Canada
- Inside Canada
- Outside Canada
- Inside Canada
- Outside Canada
Check out NBC’s Earnings Report for more information.
National Bank is the smallest bank among the Big Six banks. It was formed in 1859 as a Banque Nationale by a francophone businessman in Ontario and Quebec. The bank managed to survive as a standalone institution during the financial crises of 1873 and 1884, despite suffering losses. During the Great Depression in the 1930s, the bank merged with Banque d’Hochelaga to strengthen its operations and was subsequently renamed Banque Canadienne Nationale (BCN). In 1979, another significant merger with Provincial Bank formed the National Bank of Canada, which is the current name of the bank.
During the late 20th century, the bank slowly expanded via a number of acquisitions and restructuring its asset base by selling its lease financing operations and acquiring assets of General Trust of Canada. It also tried to expand outside of Canada, opening two branches in the US, in Florida and California, and an office in Cuba.
In the early 21st century, the bank made a series of acquisitions to expand its operations in different sectors and strengthen its presence in the US. Even nowadays, the bank continues to expand with the most recent acquisitions of Canadian Western Bank, completed in February 2025.
Products and Services
- Personal & Commercial Banking: Chequing, savings, credit cards, mortgages, personal loans, and business banking. Fixed mortgage products with NBC’s fixed mortgage rates.
- Wealth Management: National Bank Financial provides investment advice, brokerage, and financial planning.
- Capital Markets: Corporate financing, trading, and risk management for institutional clients.
- Insurance: Life, health, and creditor insurance.
- Entrepreneurship Focus: Strong reputation for supporting entrepreneurs, startups, and SMEs with tailored financial solutions.
Other Banks in Canada
The big six are certainly the dominant players across Canada, but there are many other banks that are smaller in scale but still serve Canadian customers regularly and provide unique financial solutions. This section describes the types of other banks available and provides some notable examples.
Digital Banks
Digital banks are also called “neobanks” as they are a new form of banks with no physical locations. The lack of physical locations allows these banks to offer more competitive day-to-day banking packages, as well as higher interest rates on savings accounts and some perks on debit card spending.
Digital banks are relatively new in Canada, so they continue to iterate through various product lines to determine the value they can provide to their customers. They currently offer chequing and savings accounts, credit cards, mortgages, and investment accounts.
Some notable examples of successful digital banks in Canada are Neo Financial and KOHO. Both companies have a well-established presence in Canada, offering a range of competitive products.
Regional Banks
Regional banks operate primarily in specific provinces or territories. They often focus on personalized services, local business lending, and community development. These banks are concentrated where the Big Six banks have a relatively weak presence, such as Quebec and Western Canada. Regional banks tend to have closer relationships with their local clients and provide support to local small businesses.
A notable example of a regional bank is ATB Bank. It is the largest regional bank, and it is owned by the Government of Alberta. It serves Alberta residents and businesses with a focus on provincial economic development. It has no business outside of Alberta.
Foreign Banks
Canada also has a presence of foreign banks from the U.S., Europe, and China. They serve both individual and corporate clients, primarily involved in global trade and finance. These banks are suitable for cross-border transactions, foreign currency accounts, international investments, and wealth management for global clients.
Examples of Foreign Banks in Canada:
- American Banks: Citibank, Bank of America, J.P. Morgan Chase & Co, BNY Mellon, Capital One, PNC Bank, Wells Fargo, Fifth Third Bank, State Street.
- Asian Banks: Bank of China, Shinhan Bank, China Construction Bank, MUFG Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation, CTBC Bank.
- European Banks: Deutsche Bank, Barclays Bank PLC, BNP Paribas, Rabobank.
Alternative Financial Institutions in Canada
Fintech Companies
Fintech companies have a certain overlap with the digital banks as digital banks often referred to as fintech companies. These companies provide specialized financial services, but they do not have the same number of services as banks. For example, Wealthsimple offers a trading platform for investment accounts and tax-free accounts like TFSA and RRSP. It also offers a credit card that is secured by the account portfolio. On the other hand, it does not provide day-to-day banking solutions like traditional banks do.
Credit Unions
Credit unions and Caisses Populaires are member-owned financial cooperatives. They prioritize community benefit over profit. They provide similar services to banks, including day-to-day banking accounts, loans and mortgages. They often offer better interest rates and a more personalized customer experience. They are also often local and, similar to regional banks, their goal is to provide personalized service to their clients and community.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.