Canadian Banking Overview

There are more than 80 banks regulated in Canada. Notwitstanding this, the industry operates like an oligopoly, with 5 banks accounting for more than 80% of the market share, the rest taken up by smaller banks and local branches of foreign banks. The industry contributes approximately 3-4% to Canada’s GDP (2016). It employed 275,450 Canadians, and another 119,885 outside Canada (2016).


Schedule I – banks that are not a subsidiary of a foreign bank, i.e., domestic banks

    • Royal Bank of Canada (aka RBC)
    • Toronto-Dominion Bank (aka TD Canada Trust/ TD Bank)
    • Bank of Nova Scotia (aka Scotiabank or Scotia)
    • Canadian Imperial Bank of Commerce (aka CIBC)
    • Bank of Montreal (aka BMO)

Schedule II – subsidiaries of foreign banks

  • J.P. Morgan Chase
  • Bank of America
  • HSBC
  • BNP Paribas
  • Société Générale
  • ICICI Bank
  • Industrial & Commercial Bank of China

Schedule III – branches of foreign banks

Government-owned banks