Canada’s banking sector is dominated by companies that saw the light of day in the 19th century. The dominant banking corporations in Canada are Toronto-Dominion Bank, Scotiabank, Canadian Imperial Bank of Commerce, Bank of Montreal, Laurentian Bank of Canada, and Royal Bank of Canada.
Some started as a brainchild of individuals, but others were established after mergers between banks.
Banking Corporations in Canada
1. Toronto-Dominion Bank
It is a Canadian corporation in the banking services sector. This corporation came to life after a merger between two banks, Bank of Toronto and Dominion Bank, back in 1955, hence the name TD Bank.
As of 2023, the company has grown significantly, with more than 80,000 employees. It is one of those corporations with a solid base of establishment and keeps growing its value and that of shareholders.
This banking giant boasts about 26 million clienteles worldwide. It operates as TB Bank in Canada, but in other markets like the United States, it has entered through mergers. TD Bank has spread its banking wings into Europe and Asia as well.
The banking and financial service sector has created many multinational corporations in Canada. Scotiabank is yet another successful player in this sector. Scotiabank was established in 1832, making it one of the longest-serving banks in Canada.
It enjoys a high brand choice, which is prevalent from the high number of employees, over 89,000. Its most significant success comes from Canada, Mexico, and the United States banking sectors.
With over 25 million customers worldwide, Scotiabank position itself as a go-to provider of personal and commercial banking services. In Canada, it is often to hear it being referred to as a gold bank because of its substantial participation in bullion trading.
3. Canadian Imperial Bank of commerce
It is a multinational corporation offering banking and financial services. CIBC was established in 1964. It was born after a merger between the Imperial Bank of Canada and the Canadian Bank of Commerce. These two have been in business since the 19th century, and their merger resulted in the giant Canadian Imperial Bank of commerce you know today.
As of 2021, the company was working with over forty-five thousand full-time employees. Its headquarters are located in Toronto, Canada.
The bank’s reputation blossoms majorly on its online banking services. Individuals and small businesses often use this corporation for online transactions.
4. Bank of Montreal
This corporation has been in business since 1817, one of Canada’s oldest banks. In the last two centuries, the bank has grown into a multinational provider of banking services. Bank of Montreal has expanded in the global banking market with at least 800 branches.
In the last two centuries, it has grown by acquiring firms offering banking-related services like M&I back in 2011. The corporation has also established successful subsidiaries like BMO Harris Bank, Bank of Montreal (China) Co. Ltd., and Pyrford International Limited.
As the world population increases, the well-earned company’s goodwill could see it become more successful and a major provider of global banking services.
5. Laurentian Bank of Canada
The 19th Century was a good one for most Canadian banking companies. Those who saw the light of day during this Century have remained significantly successful and penetrated the global market. Laurentian Bank of Canada is one of them, founded in 1846.
Since then, it has successfully established subsidiaries like Laurentian Bank Securities, Inc., B2B Bank, LBC Capital Inc., and others. These subsidiaries operate in different markets where the parent company, Laurentian Bank of Canada, has set foot.
6. Royal Bank of Canada
Like other established corporations in the Canadian banking sector, this one hails from the 19th Century. It was founded in 1864, and to this point, it has employed more than 85,000 people. Its major markets are Canada and the United States, and some of its customers are from 27 other jurisdictions.
For more than 150 years, it has been in operation, and the Royal Bank of Canada has attracted a market share of 17 million customers. This is a high number of clientele who consume the bank’s services regularly.