Banking in Canada

The towers at Bay and King Street in Toronto are home to four of Canada's five largest banks.
Part of a series on the
Economy of Canada
Economic history
Sectors
Primary sector
Secondary sector
Tertiary sector
Finance
Companies
Economy by province
Economy by city

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

It is dominated by a small number of large banks, with the six largest combining for 93% of the banking assets.[1] The two largest, the Royal Bank of Canada and the Toronto Dominion Bank are among the world's 25 largest banks.[2] It has been considered to be one of the safest and soundest banking systems in the world, and avoided major problems in the Financial crisis of 2007–2008.[3]

Canada's banks have high service levels and investments in technology. A report released by the office of the Minister of Finance in 2002 states "Canada has the highest number of ATMs per capita in the world and benefits from the highest penetration levels of electronic channels such as debit cards, Internet banking and telephone banking".[4] More recent data published by the World Bank shows that as of 2017 Canada has 227.82 ATMs per 100,000 adults, which ranks the country third worldwide.[5]

  1. ^ How big banks dominate Canada’s financial landscape, 2023-04-19
  2. ^ Ali, Zarmina (April 7, 2020). "The world's 100 largest banks". Standard & Poor. Retrieved June 23, 2020.
  3. ^ World Economic Forum - Global Competitiveness Report Archived 2010-12-06 at the Wayback Machine.
  4. ^ "Canada's Banks" Archived 2010-01-25 at the Wayback Machine Canadian Ministry of Finance, 2002
  5. ^ Automated teller machines (ATMs) (per 100,000 adults), The World Bank