List of banks and credit unions in Canada

Last updated

The main Montreal branch of the Bank of Montreal, Canada's oldest bank. Bank of Montreal 1 db.jpg
The main Montreal branch of the Bank of Montreal, Canada's oldest bank.
Toronto's financial district Toronto's financial district from the CN Tower.jpg
Toronto's financial district

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".

Contents

Largest banks

Big Five

The top five Canadian banks are collectively referred to as the "Big Five" due to their dominant position and significant influence within the country's banking and financial industry. This term has been used for many years to characterize these major banks, and it highlights their substantial market share and impact on Canada's economy. The financial sector of Canada is especially concentrated in these banks, which has been seen as a result of protectionist policies of the government and the country's small and dispersed population. These banks grew at an extraordinary rate of 10.7 percent per year, on average, from 2008 to 2018 compared with 3.64 percent for the five largest U.S. banks. [1] While most Canadian banks operate only within Canada, the Big Five are best described as Canadian multinational financial conglomerates that each have a large Canadian banking division. [2]

Bank nameCommonly known asInstitution NoMarket capitalization (2023) (CAD) (Billions)Revenue (2023) (CAD) (Billions)Net income (2023) (CAD) (Billions)Employees (FTE)Source
Royal Bank of Canada RBC003$187.21$53.66$14.8695,000+ [3] [4]
Toronto-Dominion Bank TD004$154.21$49.20$10.78103,257 [5]
Bank of Montreal BMO001$93.86$29.02$4.3755,767 [6]
Bank of Nova Scotia Scotiabank002$76.32$29.25$7.4189,483 [7]
Canadian Imperial Bank of Commerce CIBC010$59.31$21.31$5.0048,074 [8]

Big Six

National Bank of Canada, which began as a regional bank in Quebec but expanded nationally, is the sixth largest Canadian bank. [9] In 2022, Canada’s Big Six held about 93% of all banking assets in the country. It is the same share they held a decade earlier, and a decade before that. [10] RBC’s $13.5-billion takeover of HSBC’s Canadian division, announced in November 2022, will see it receive around $134 billion in HSBC assets [11] and would increase the 93% share of assets the Big Six have to almost 95%. [10]

NameAlso known asInstitution NoMarket capitalization (2023) (CAD) (Billions)Revenue (2023) (CAD) (Billions)Net income (2023) (CAD) (Billions)Total assets (2023) (CAD) (Billions)Employees (FTE)Source
National Bank of Canada NBC006$29.2$10.2$3.34$42431,243 [12]

Other large banks (excluding Big Six)

NameAlso known asInstitution NoMarket capitalization (2023) (CAD) (Billions)Revenue (2023) (CAD) (Billions)Net income (2023) (CAD) (Millions)Total assets (2023) (CAD) (Billions)Employees (FTE)Source
Equitable Bank EQ Bank623$3.30$0.785$270$1031,685 [13] [14]
Laurentian Bank Laurentian Bank039$1.18$1.03$181$49.93,000 [15] [16]

Importance of Canada's financial institutions

Domestic systemically important bank (D-SIB)

A domestic systemically important bank (D-SIB) is a bank that could disrupt the domestic economy should it fail. Canada's Big Six are designated as D-SIBs. D-SIBs are so important to the functioning of the financial system and the economy that they cannot be wound up under a conventional bankruptcy and liquidation process should they fail. The failure of any one of Canada’s D-SIBs, with the potential loss of financial services, even for a short period of time, could have a serious impact on Canada’s economy. [17]

Desjardins

The Autorité des marchés financiers, which oversees Quebec’s financial sector, designated Desjardins Group as a D-SIB. [18]

Global systemically important bank (G-SIB)

A global systemically important bank is a bank whose systemic risk profile is deemed to be of such importance that the bank’s failure would trigger a wider financial crisis and threaten the global economy. The Basel Committee has developed a formula for determining which banks are G-SIBs, deploying criteria including size, interconnectedness and complexity. National regulators subject banks determined to be G-SIBs to stricter prudential regulation such as higher capital requirements and extra surcharges, or more stringent stress tests. [19]

In Canada, the Office of the Superintendent of Financial Institutions designated Royal Bank of Canada and Toronto-Dominion Bank as G-SIBs as well as D-SIBs. [20] [17]

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 Bank Act (Canada) .

Schedule I banks (domestic banks)

Under the Bank Act, Schedule I are banks that are not a subsidiary of a foreign bank, even if they have foreign shareholders. There are 35 domestic banks, including 3 federally regulated Credit Unions as of 8 March 2024. [21]

BankEstablishedHeadquartersOwnershipNotes
B2B Bank 2012 Toronto Owned by Laurentian Bank of Canada.Prior to reorganization in 2012, was known as "B2B Trust".
Bank of Montreal 1817 Montreal Public company, part of Big Five.its head office remains in Montreal, the operational headquarters and executive offices have been located in Toronto, Ontario since 1977
Bank of Nova Scotia 1832 Toronto Public company, part of Big Five.Operating as "Scotiabank".
Bridgewater Bank1997 [22] Calgary Wholly-owned subsidiary of the Alberta Motor Association (AMA)
Caisse populaire acadienne ltée 1946 Caraquet, New Brunswick Federal Credit Union, member owned.On 1 July 2016, UNI Financial Cooperation became the first federally chartered credit union.
Canadian Imperial Bank of Commerce 1961 Toronto Public company, part of Big Five.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 Owned by company Canadian Tire.
Canadian Western Bank 1988 Edmonton Public company, regional bank.Formed through the 1988 merger of two banks: the Bank of Alberta (founded 1984), and the Western & Pacific Bank of Canada (founded 1982).
Coast Capital Savings Federal Credit Union 1940 Surrey, British Columbia Federal Credit Union, member owned.From 17 October – 28 November 2016, a vote was held for members on whether or not Coast Capital Savings should become a federal credit union
Concentra Bank2017SaskatoonProvides wholesale banking and trusts to Canada's credit union system
Bought by EQ Bank
CS Alterna Bank 2000 Ottawa Owned by the credit union Alterna Savings.
Digital Commerce Bank2007 Calgary Previously known as DirectCash Bank. [23] Arms-length relationship with DirectCash Payments Inc. [24]
Equitable Bank 2016 Toronto Public company, regional bank.Originally founded as a trust company named The Equitable Trust Company in Hamilton, Ontario in 1970. In 2013, the Equitable Trust Company was granted a Schedule I chartered bank license and became Equitable Bank. [25] Equitable Bank launched a direct banking operation branded as EQ Bank on 14 January 2016, which was Canada's first digital bank born in the mobile age.
Exchange Bank of Canada 2016 Toronto Subsidiary of Currency Exchange International Corp. [26] Provides foreign currency services to financial institutions and businesses.
Fairstone Bank of Canada2009 Toronto Incorporated as DuoBank under Schedule 2 (foreign-owned, deposit-taking) of the Bank Act in 2009; [27] reclassified under Schedule 1 (domestic-owned, deposit-taking) [28] [29] [30] 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. [31] DuoBank acquired Fairstone Financial Inc in 2021 and rebranded as Fairstone Bank of Canada in 2022. [32]
First Nations Bank of Canada 1996 Saskatoon First Canadian chartered bank to be independently controlled by Indigenous shareholders.
General Bank of Canada2005 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. [33]
Haventree Bank2018 Toronto Founded in 1990; private bank specializing in alternative mortgage programs and insured GIC deposits. [34]
Home Bank 2015 Toronto Owned by the trust company Home Trust Company.Owns Oaken Financial, which are both owned by Home Capital Group. Home Bank began as CFF Bank, which was formed through acquisition of MonCana Bank by Canadian First Financial. [35] CFF Bank became Home Bank in August 2016. [36]
HomeEquity Bank 2009 Toronto Privately held by equity firm Birch Hill Equity PartnersFounded in 1986 as the Canadian Home Income Plan Corporation. HomeEquity Bank is the first Canadian bank to offer reverse mortgages to Canadian homeowners aged 55 and over. On 13 October 2009, HomeEquity Bank was recognized as a Schedule 1 Canadian Bank.
Innovation Federal Credit Union 2007 Swift Current Member owned.Received approval to begin operating as Innovation Federal Credit Union effective June 23, 2023.
Laurentian Bank of Canada 1846 Montreal Public company, regional bank.Operations are mainly in Quebec
Manulife Bank of Canada 1993 Toronto Owned by the insurance company Manulife Financial Corporation.
Motus Bank 2019 Toronto Owned by the credit union Meridian Credit Union.
National Bank of Canada 1859 Montreal Public company, regional bank.Operations are mainly in Quebec
Peoples Bank of Canada 2020 Vancouver Owned by the trust company Peoples Group.
President's Choice Bank 1996 Toronto Owned by company Loblaw Companies.All PC Financial mortgages, loans, investments, and bank accounts were transferred to CIBC's new direct banking brand Simplii Financial effective 1 November 2017.[7] PC Financial's credit card and insurance products were unaffected by the decision, and continued to be offered by subsidiaries of Loblaw Companies.
RFA Bank of Canada2017 Toronto Previously known as Street Capital Bank of Canada. [37] Granted schedule 1 status in December 2016. Commenced operations on 1 February 2017. [38]
Rogers Bank 2013 Toronto Owned by company Rogers Communications.
Royal Bank of Canada 1864 Montreal Public company, part of Big Five. [39]
Tangerine Bank 2013 Toronto Owned by Scotiabank.Formerly ING Direct Canada, purchased by Scotiabank in November 2012, [40] and name was changed to Tangerine in spring 2014. [41]
Toronto-Dominion Bank (The) 1955 Toronto Public company, part of Big Five.Operating as "TD Canada Trust". Formed by the merger of two banks founded in 1855 and 1869.
Vancity Community Investment Bank 1997 Vancouver Owned by the credit union Vancity.Previously known as Citizens Bank of Canada. Now a non-deposit taking bank; it no longer offers savings and loans products. [42]
VersaBank 1980 London, Ontario Public company, regional bank.Originally founded as a trust company named Pacific & Western Trust Corporation in Saskatoon, Saskatchewan in 1980. It later moved its head offices to London, Ontario. On 1 August 2002, it was granted a Schedule I chartered bank licence and became Pacific & Western Trust Bank of Canada before finally changing its name to VersaBank in 2016.
Wealth One Bank of Canada 2015 Toronto Focus on providing services to Chinese-Canadians. It provides banking services online and through retail offices in Toronto, Ontario, and in Vancouver, British Columbia.
Place Ville-Marie is the home to the Montreal offices of the Royal Bank of Canada RBC Place Ville-Marie.jpg
Place Ville-Marie is the home to the Montreal offices of the Royal Bank of Canada

Schedule II banks (subsidiaries of foreign banks)

The Toronto branch of the Bank of China (Canada). Bank of China (Canada) Branch.jpg
The Toronto branch of the Bank of China (Canada).

Schedule II banks are banks allowed to accept deposits and which are subsidiaries of a foreign bank. As of March 2024, there were 15 of these banks in Canada. [21]

BankParent CountryNotes
AMEX Bank of Canada Flag of the United States.svg  USA
Bank of China (Canada) Flag of the People's Republic of China.svg  China Previously a Schedule III representative office.
Cidel Bank CanadaFlag of Barbados.svg  Barbados
Citco Bank CanadaFlag of the Netherlands.svg  Netherlands
Citibank Canada Flag of the United States.svg  USA
CTBC Bank Corp. (Canada) Flag of the Republic of China.svg  Taiwan
Habib Canadian Bank Flag of Switzerland (Pantone).svg   Switzerland
HSBC Bank Canada Flag of the United Kingdom.svg  UK Acquired by RBC successfully with closing date of 28 March 2024.
ICICI Bank Canada Flag of India.svg  India
Industrial and Commercial Bank of China (Canada) Flag of the People's Republic of China.svg  China
J.P. Morgan Bank Canada Flag of the United States.svg  USA
KEB Hana Bank Canada Flag of South Korea.svg  South Korea Formerly Korea Exchange Bank of Canada.
SBI Canada Bank Flag of India.svg  India
Shinhan Bank CanadaFlag of South Korea.svg  South Korea
UBS Bank (Canada) Flag of Switzerland (Pantone).svg   Switzerland

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. [21]

BankParent CountryNotes
Bank of America, National Association Flag of the United States.svg  USA
Bank of China LimitedFlag of the People's Republic of China.svg  China
Bank of New York Mellon, (The)Flag of the United States.svg  USA
Barclays Bank PLC Flag of the United Kingdom.svg  UK
Bank of Tokyo-Mitsubishi UFJ, Ltd., (The)Flag of Japan.svg  Japan
BNP Paribas Flag of France.svg  France
Capital One Bank (USA), N.A. Flag of the United States.svg  USA
China Construction Bank Flag of the People's Republic of China.svg  China
Citibank, N.A. Flag of the United States.svg  USA
Comerica Bank Flag of the United States.svg  USA
Deutsche Bank AG Flag of Germany.svg  Germany
Fifth Third Bank National Association Flag of the United States.svg  USA
First Commercial BankFlag of the Republic of China.svg  Taiwan [43]
JPMorgan Chase Bank, National Association Flag of the United States.svg  USA
M&T Bank Flag of the United States.svg  USA
Maple Bank GmbHFlag of Germany.svg  Germany Holding group is based in Canada but chartered through a subsidiary German bank. [44] In liquidation.
Mega International Commercial Bank Co., Ltd. Flag of the Republic of China.svg  Taiwan
Mizuho Bank, Ltd., Canada BranchFlag of Japan.svg  Japan
MUFG Bank, Ltd.Flag of Japan.svg  Japan
Northern Trust Company, Canada Branch (The)Flag of the United States.svg  USA
PNC Bank, National Association Flag of the United States.svg  USA
Rabobank Nederland Flag of the Netherlands.svg  Netherlands
Société Générale (Canada Branch)Flag of France.svg  France
State Street Flag of the United States.svg  USA
Sumitomo Mitsui Banking Corporation, Canada BranchFlag of Japan.svg  Japan
U.S. Bank National Association Flag of the United States.svg  USA
United Overseas Bank LimitedFlag of Singapore.svg  Singapore
Wells Fargo Bank, National Association, Canadian BranchFlag of the United States.svg  USA

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. [21]

Government-owned financial institutions

The Bank of Canada Building in Ottawa is the headquarters of the country's central bank. Bank of Canada.jpg
The Bank of Canada Building in Ottawa is the headquarters of the country's central bank.

Credit unions

Branch of Affinity Credit Union in Saskatoon, Saskatchewan. Saskatoon Credit Union.jpg
Branch of Affinity Credit Union in Saskatoon, Saskatchewan.
The executive headquarters of the Desjardins Group in Montreal. Tower of Complexe Desjardins 2005-10-22.JPG
The executive headquarters of the Desjardins Group in Montreal.

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. [45] By the end of 2019, consolidation reduced this number to 251 credits unions and caisses populaires outside Quebec, according to the Canadian Credit Union Association (CCUA). [46] [47] [48] 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 Quebec

As of 31 December 2022, the 208 credit unions and caisses populaires outside Quebec reported combined assets of $308.9 billion: [49]

Credit UnionProvinceAssetsMembersLocations
Vancity BC28,298,424,745535,15554
Meridian Credit Union ON26,155,667,000382,35592
Coast Capital Savings BC22,130,514,640597,68145
Servus Credit Union AB18,338,460,000384,893105
First West Credit Union BC13,304,223,000249,54347
Access Credit Union MB10,759,971,657177,60554
Desjardins Ontario Credit Union ON10,756,224,987134,54146
Steinbach Credit Union MB9,123,840,600106,1733
Alterna Savings ON7,581,600,000193,10946
Affinity Credit Union SK7,226,192,926129,54156
ConnectFirst Credit Union AB7,216,582,000132,41044
DUCA Credit Union ON6,936,459,98792,34017
Prospera Credit Union BC6,935,325,000116,35326
Conexus Credit Union SK6,760,855,894137,03330
Assiniboine Credit Union MB6,108,445,485141,47519

Desjardins

Most credit unions 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. [50]

As of 25 December 2023, Desjardins Group's consolidated assets totalled $407 billion CAD. [51]

NameInstitution NoTotal assets (2023) (CAD) (Billions)Employees (FTE)Source
Desjardins815$40758,774 [14]

Defunct and merged banks

The Bank of British North America, on Yonge Street in Toronto. BankBritishNorthAmericaYonge23.jpg
The Bank of British North America, on Yonge Street in Toronto.
The former Bank of New Brunswick Building in Saint John. Bank of New Brunswick Building 1.JPG
The former Bank of New Brunswick Building in Saint John.
Former Molson Bank head office, Montreal Old Montreal 44.png
Former Molson Bank head office, Montreal
BankEstablishedDefunctComments
Accommodation Bank of Kingston1830s?Issued banknotes in the 1830s. [52]
Agricultural Bank of Toronto18341837Founded as Truscott, Green & Company, a private bank, before renaming. Failed. [53]
Amicus Bank 19992003Dissolved into the Canadian Imperial Bank of Commerce
Arman's Bank of Montreal1830s?Existed in the 1830s. [54]
Bank of Acadia18721873Failed. [55]
Bank of Alberta 19841988Merged with the Western & Pacific Bank of Canada to become Canadian Western Bank.
Bank of Brantford1850s?Issued banknotes in the 1850s. [56]
Bank of British Columbia (1st)18621901Merged into the Canadian Bank of Commerce. [57]
Bank of British Columbia (2nd)19661986Assets acquired by HSBC Canada.
Bank of British North America 18361918Merged into the Bank of Montreal. [58]
Bank of Canada (1st)18181831Merged into the Bank of Montreal. [59]
Bank of Clifton18591863Reincarnation of Zimmerman Bank. Closed. [60]
Bank of the County of Elgin18551862Closed. [61]
Bank of Fredericton18361839Merged into the Commercial Bank of New Brunswick. [62]
Bank of Hamilton 18721923Merged into the Canadian Bank of Commerce in January 1924. [63] [64]
Bank of Liverpool18711879Closed 1873–1878, before final closure. [65]
Bank of London18831887Merged into the Bank of Toronto. [66]
Bank of Lower Canada18391851Closed. [67]
Bank of New Brunswick 18201913Merged into the Bank of Nova Scotia. [68] [69]
Bank of Ottawa 18741919Merged into the Bank of Nova Scotia. [70]
Bank of the People 18351840Merged into the Bank of Montreal. [71]
Bank of Prince Edward Island18561881Failed. [68] [72]
Bank of Toronto 18551955Operated as The Millers Association of Canada West before reorganizing as the Bank of Toronto in 1855. Merged with The Dominion Bank to form the Toronto-Dominion Bank. [73] [74]
Bank of Upper Canada 18211866Chartered in 1821. Opened in 1822. Failed in 1866. [75]
Bank of Vancouver 19081914Organized in 1908. Opened in 1910. Failed in 1914. [76]
Bank of Victoria1830s?Existed in 1836 [77] and at least until 1875. [78]
Bank of Western Canada18591863Closed. [79]
Bank of Yarmouth18591905Failed. [68] [80]
Banque De Boucherville1830s?Issued banknotes in the 1830s. [81]
Banque Canadienne Nationale 19241979Merged in 1979 with Provincial Bank of Canada to become National Bank of Canada. [82]
Banque d'Hochelaga 18741924Merged with the Banque Nationale to form the Banque Canadienne Nationale. [83] [84]
Banque Nationale18591924Chartered in 1859. [85] Merged with the Banque d'Hochelaga to form the Banque Canadienne Nationale. [84]
Banque du Peuple18351895Failed. [86]
Banque de St. Hyacinthe18731908Failed. [87]
Banque Internationale du Canada19111913Merged into the Home Bank of Canada. [88]
Banque de St. Jean18731908Failed. [89]
Banque Ville-Marie18721899Failed. [90]
Barclays Bank Canada 19291956Merged into Imperial Bank of Canada in 1956 and Hongkong Bank of Canada, now known as HSBC Bank Canada, in 1996.
British Canadian Bank18831884Closed. [91]
Canadian Bank of Commerce 18671961Merged with the Imperial Bank of Canada to form the Canadian Imperial Bank of Commerce. [92]
Canadian Commercial Bank 19761985Failed
Central Bank of Canada18831887Failed. [93]
Central Bank of New Brunswick18341866Failed. [94]
Charlotte County Bank18251865Failed. [68] [95]
City Bank of Montreal 18331876Merged with the Royal Canadian Bank to form the Consolidated Bank of Canada. [96]
City Bank of St. John18361839Merged into the Bank of New Brunswick. [97]
Colonial Bank of Canada18561863Only operated in 1859, before it failed. [98]
Commercial Bank of Canada18311868Founded in 1831 as the Commercial Bank of the Midland District, the name changed to the Commercial Bank of Canada in 1856. [99] Merged with the Merchants Bank in Montreal to form the Merchants' Bank of Canada. [100]
Commercial Bank of Manitoba 18851893Failed. [101]
Commercial Bank of Montreal18351837Failed. [102]
Commercial Bank of New Brunswick18341868Failed. [103]
Commercial Bank of Newfoundland18571894Failed. [104]
Commercial Bank of Windsor18641902Merged into the Union Bank of Halifax. [68] [105]
Consolidated Bank of Canada 18761879Failed. [106] [107]
Continental Bank of Canada 19801986Acquired by Lloyds Bank and became Lloyds Bank Canada.
Crown Bank of Canada19041908Merged with the Northern Bank to form the Northern Crown Bank. [108]
The Dominion Bank 18691955Established in 1869. Opened in 1871. Merged with the Bank of Toronto in 1955 to form the Toronto-Dominion Bank. [109]
Eastern Bank of Canada19281934Failed. [110]
Eastern Townships Bank 18551912Merged into the Canadian Bank of Commerce. [111]
Exchange Bank of Canada (1st)18721883Failed. [112]
Exchange Bank of Toronto18551858Founded in 1855 as the Banking House of R.H. Brett, the name changed to the Exchange Bank of Toronto in 1856. Closed in 1858. [113]
Exchange Bank of Yarmouth18671903Merged into the Bank of Montreal. [114]
Farmers Bank of Canada19061910Failed. [115]
Farmers' Bank of Malden1840s1840sFailed. [116]
Farmers' Bank of Rustico 18621894Failed. [117]
Farmer's Joint Stock Bank 18351854Failed. [118]
Federal Bank of Canada18741888Failed. [119]
Goderich Bank18341834Closed. [120]
Gore Bank18351870Merged into the Canadian Bank of Commerce. [121]
Grenville County Bank1850s?Issued banknotes in the 1850s. [122]
Halifax Banking Company 18251903Merged into the Canadian Bank of Commerce. [123]
Hart's Bank18351847Closed. [124]
Henry's Bank18371837Failed. [125]
Home Bank of Canada 19031923Incorporated in 1903. [126] Opened in 1904. [127] Failed in 1923. [128]
Home District Savings Bank, Toronto18301837Founded 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 18731961Merged with Canadian Bank of Commerce to form the Canadian Imperial Bank of Commerce (CIBC). [129]
International Bank of Canada18581859Failed. [130]
Lloyds Bank Canada 19861990Became Hongkong Bank of Canada, now known as HSBC Bank Canada in 1990.
Macdonald and Company18591864Failed. [131]
The Maritime Bank of the Dominion of Canada18721887Failed. [132]
Mercantile Bank of Canada19531985Merged into the National Bank of Canada.
Mechanics Bank of Montreal18651879Failed. [133]
Mercantile Banking Corporation1870s?Issued banknotes in the 1870s. [134]
Merchants' Bank of Canada18681923Failing in 1921, taken over by the Bank of Montreal in 1922, and merger completed in 1923. [135] [136]
Merchants' Bank of Halifax18641901Merged into the Royal Bank of Canada. [137]
Merchants Bank in Montreal18641868Merged with the Commercial Bank of Canada to form the Merchants Bank of Canada. [138]
Merchants' Bank of Montreal1830s?Issued banknotes in the 1830s. [139]
Merchants Bank of Prince Edward Island18711906Merged into the Canadian Bank of Commerce. [140]
Metropolitan Bank of Montreal18711876Failed. [141]
Metropolitan Bank of Toronto19021914Merged into the Bank of Nova Scotia. [142]
Molson Bank 18371925Merged into the Bank of Montreal. [143] [144]
Montreal City and District Savings BankConverted from a savings bank to a regular bank and changed its name to Laurentian Bank of Canada.
National Westminster Bank of Canada 19821998Became Hongkong Bank of Canada, now known as HSBC Bank Canada in 1998.
Newcastle Banking Company1830s?Issued banknotes in the 1830s. [145]
Newcastle District Loan Company1830s?Issued banknotes in the 1830s. [146]
Newfoundland Savings Bank18341962Merged into the Bank of Montreal.
Niagara District Bank18531875Merged into the Imperial Bank of Canada. [147]
Niagara Suspension Bridge Bank18361841Closed. [148]
Northern Bank19051908Merged with the Crown Bank of Canada to form the Northern Crown Bank. [149]
Northern Crown Bank19081918Merged into the Royal Bank of Canada. [150]
Northland Bank 19741985Failed
Ontario Bank 18571906Merged into the Bank of Montreal. [151]
Peoples Bank of Halifax18641905Merged into the Bank of Montreal. [68] [152]
Peoples Bank of New Brunswick18641907Merged into the Bank of Montreal. [68] [153]
Pictou Bank of Nova Scotia18731887Closed. [154]
Provincial Bank of Canada 18611979Founded as la Banque Jacques Cartier, [155] before renaming in 1900 as la Banque Provinciale du Canada in 1900. [156] Merged with Banque Canadienne Nationale to become National Bank of Canada. [82]
Provincial Bank of Canada in Stanstead18561863Closed. [157]
Quebec Bank 18181917Merged into the Royal Bank of Canada. [158]
Royal Canadian Bank18641876Merged with the City Bank to form the Consolidated Bank of Canada. [159]
St. Stephen's Bank18361910Merged into the Bank of British North America. [68] [160]
Sovereign Bank of Canada19011908Failed. [161]
Stadacona Bank18741879Failed. [162]
Standard Bank of Canada 18721928Founded as the St. Lawrence Bank, before renaming in 1876. [163] Merged into Canadian Bank of Commerce. [164]
Standard Chartered Bank of Canada 19691990s
Sterling Bank of Canada 19051924Merged into Standard Bank of Canada. [165]
Summerside Bank18661901Merged into the Bank of New Brunswick. [68] [166]
Traders Bank of Canada18851912Acquired by the Royal Bank of Canada. [167]
Union Bank of Canada 18651925Founded as the Union Bank of Lower Canada, the name changed to the Union Bank of Canada in 1886. [168] Merged into the Royal Bank of Canada. [169]
Union Bank of Halifax 18561910Merged into the Royal Bank of Canada. [170]
Union Bank of Montreal1830s1840sFounded as the Union Bank, the name changed to the Union Bank of Montreal about 1841. Closed. [171]
Union Bank of Newfoundland18541894Failed. [172]
Union Bank of Prince Edward Island18601883Merged into the Bank of Nova Scotia. [173]
United Empire Bank of Canada 19061911Founded as the Pacific Bank of Canada before renaming in 1906. Merged into the Union Bank of Canada. [174]
Unity Bank of Canada 19721977Failed and merged into the Provincial Bank of Canada. [175]
Western and Pacific Bank of Canada19821988Merged with the Bank of Alberta to form the Canadian Western Bank.
Western Bank of Canada18821909Merged into the Standard Bank of Canada. [176]
Westmorland Bank18541867Failed. [177]
Weyburn Security Bank 19101931Merged into the Imperial Bank of Canada. [178]
Zimmerman Bank of Elgin18541859Reestablished as the Bank of Clifton. [179]

Credit agencies

See also

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The Desjardins Group is a Canadian financial service cooperative and the largest federation of credit unions in North America. It was founded in 1900 in Lévis, Quebec by Alphonse Desjardins. While its legal headquarters remains in Lévis, most of the executive management, including the CEO, is based in Montreal.

<span class="mw-page-title-main">National Bank of Canada</span> Commercial bank

The National Bank of Canada is the sixth largest commercial bank in Canada. It is headquartered in Montreal, and has branches in most Canadian provinces and 2.4 million personal clients. National Bank is the largest bank in Quebec, and the second largest financial institution in the province, after Desjardins credit union. National Bank's Institution Number is 006 and its SWIFT code is BNDCCAMMINT.

Big Five is the name colloquially given to the five largest banks that dominate the banking industry of Canada: Bank of Montreal (BMO), Scotiabank, Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), and Toronto-Dominion Bank (TD).

The Large Value Transfer System, or LVTS, was the primary system in Canada for electronic wire transfers of large sums of money, and was operated by Payments Canada. It permitted the participating institutions and their clients to send large sums of money securely in real-time with complete certainty that the payment will settle. In September 2021, Payments Canada replaced LTVS with its Lynx high-value payment system.

The Laurentian Bank of Canada is a Schedule 1 bank that operates primarily in the province of Quebec, with commercial and business banking offices located in Ontario, Alberta, British Columbia, and Nova Scotia. LBC's Institution Number is 039.

<span class="mw-page-title-main">Alphonse Desjardins (co-operator)</span> Canadian businessman

Gabriel-Alphonse Desjardins, born in Levis, Canada East was the co-founder of the Caisses Populaires Desjardins, a forerunner of North American credit unions and community banks. For his contribution to the advancement of agriculture in the province of Quebec, he was posthumously inducted to the Agricultural Hall of Fame of Quebec in 1994.

<span class="mw-page-title-main">UNI Financial Cooperation</span>

Caisse populaire acadienne ltée, operating as UNI Financial Cooperation, is a Francophone credit union based in New Brunswick, Canada whose members are primarily Acadians. UNI's administrative headquarters are in Caraquet on the Acadian Peninsula.

<span class="mw-page-title-main">Cooperative banking</span> Type of retail or commercial bank organized cooperatively

Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world.

<i>Bank Act</i> (Canada) Act of the Parliament of Canada

The Bank Act is an act of the Parliament of Canada respecting banks and banking.

<span class="mw-page-title-main">Banking in Canada</span> Overview of banking in Canada

Banking in Canada is one of Canada's most important industries with several banks being among its largest and most profitable companies.

<span class="mw-page-title-main">Groupe Banque Populaire</span>

Banque Populaire was a French group of cooperative banks, with origins in the European cooperative movement. In 2009, it merged with Groupe Caisse d'Épargne to form Groupe BPCE.

<span class="mw-page-title-main">Farmers' Bank of Rustico</span> First credit union in Canada

The Farmers' Bank of Rustico operated in the village of Rustico, Prince Edward Island, from 1864 to 1894. It is often considered to have been the first community-based bank in Canada. Founded and managed under the leadership of Father Georges-Antoine Belcourt (1803-1874), the Farmer's Bank of Rustico was established on April 21, 1863. The bank received Royal Assent for its act of incorporation at the Court of Windsor on April 7, 1864." The first president was farmer Jerome Doiron, and the first cashier was Marinus Blanchard, a local school teacher.

<span class="mw-page-title-main">Canadian Credit Union Association</span> Trade association

The Canadian Credit Union Association is the national trade association for credit unions in Canada. Founded in 1953, it rebranded to its current name in January 2016 to reflect its "evolving role as an association that is focused on growing a stronger... credit union industry."

The Province of Ontario Savings Office (POSO) was a financial institution established by the Government of Ontario, Canada in 1922 to provide a government-owned alternative to banks. The POSO was closed in 2003 when its assets were sold to the Quebec-based Desjardins Group cooperative of caisses populaires to form Desjardins Credit Union. In 2011, Desjardins Credit Unions in Ontario were transferred to Meridian Credit Union.

Desjardins Financial Security (DFS) is the life and health insurance arm of Desjardins Group, the leading financial institution in Quebec and the largest cooperative financial group in Canada. DFS registered a record-breaking revenue data in 2016, with a year-over-year increase of 12.5%. In terms of written premium, the industry ranks second in Quebec, and fifth in Canada.

<span class="mw-page-title-main">Groupe BPCE</span> French banking group

Groupe BPCE is a major French banking group formed by the 2009 merger of two major retail banking groups, Groupe Caisse d'Épargne and Groupe Banque Populaire. As of 2021, it was France's fourth-largest bank, the seventh largest in Europe, and the nineteenth in the world by total assets. It has more than 8,200 branches nationwide under their respective brand names serving nearly 150 million customers. Its wholesale banking subsidiary Natixis, previously a separately listed company, was delisted and came under full ownership of Groupe BPCE in 2021.

<span class="mw-page-title-main">Credit unions in Canada</span>

Canada has significant per-capita membership in credit unions, representing more than a third of the working-age population. Credit union membership is largest in Quebec, where they are known as caisses populaires, and in western Canada.

A routing number is the term for bank codes in Canada. Routing numbers consist of eight numerical digits with a dash between the fifth and sixth digit for paper financial documents encoded with magnetic ink character recognition and nine numerical digits without dashes for electronic funds transfers. Routing numbers are regulated by Payments Canada, formerly known as the Canadian Payments Association, to allow easy identification of the branch location and financial institution associated with an account.

The Desjardins Ontario Credit Union was formed 1 January 2020 with the merger of 11 Ontario Desjardins-affiliated credit unions, along with its federation, into one credit union insured by the FRSAO. The credit union has 50 branches and 130,000 members. Billy Boucher is the credit union's first CEO.

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