Banks

As major players in Canada’s financial industry, the banks serve millions of customers. They include individuals, small and medium-sized businesses, large corporations, governments, institutional investors and non-profit organizations.

The major domestic banks offer a full range of banking, investment and financial services. They have extensive, nation-wide distribution networks and also are active in the United States, Latin America, the Caribbean, Asia and other parts of the world. Close to half of their earnings are generated outside of Canada.

Many large international banks have a presence here — through a subsidiary, representative office or branch of the parent bank. Most specialize in corporate and investment banking (e.g., niche financing) and have only one or two offices/branches. A notable exception is HSBC Bank Canada, which has a strong retail presence with branches across Canada. For more information on banking in Canada, please visit the Canadian Bankers Association website.

The largest banks in Canada are:

• BMO Bank of Montreal
• CIBC
• HSBC Bank Canada
• MBNA Canada
• National Bank of Canada
• RBC Royal Bank
• Scotiabank
• TD Bank Financial Group

Credit Unions

Credit Unions offer an alternative to traditional banking. Like banks, credit unions offer the convenience of a full range of financial products and services. For more information, or to locate a local credit union, please visit the Credit Unions website.