What are some major Canadian banks?


Quick Answer

Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Bank of Montreal are major Canadian banks as of 2015. Toronto is the home of all five. Royal Bank of Canada employs about 79,000 employees that serve about 16 million customers internationally. Known as Scotiabank, Bank of Nova Scotia employs more than 86,000 people and serves approximately 21 million customers. Toronto-Dominion Bank offers financial products and services worldwide.

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Full Answer

Founded in Halifax, Nova Scotia in the 1860s, Royal Bank of Canada conducts business in about 51 countries, including Canada and the United States. Known as the Merchants’ Bank of Halifax, the bank opened its first agency in the United States in 1899 in New York City. Royal Bank sold RBC Bank, its U.S. retail banking operations segment, to PNC Financial Services Group in 2012. This reorganization allows the bank to focus on its RBC Wealth Management clients and cross-border clients in Canada and the USA.

Toronto-Dominion Bank Group offers services in the United States, including personal, small business and commercial banking, through TD Bank, auto financing through TD Auto Financing, and direct investing through TD Ameritrade. Other investment service vehicles include TD Wealth Private Client Group and TD Bank Personal Financial Services.

Scotiabank provides international banking, wealth management and financial services in North America, Latin America, the Caribbean and Asia. The bank trades on the New York and Toronto stock exchanges and holds about $852 billion in assets.

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