Big Five banks of Canada

Not to be confused with Big Four (banking).

Big Five is the name colloquially given to the five largest banks that dominate the banking industry of Canada: Bank of Montreal (BMO), Scotiabank, Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), and Toronto-Dominion Bank (TD).

All of the five Canadian banks maintain their respective headquarters in Toronto's Financial District, primarily along Bay Street.[1][2] All five banks are classified as Schedule I banks that are domestic banks operating in Canada under government charter. The banks' shares are widely held, with any entity allowed to hold a maximum of twenty percent.[3]

According to a ranking produced by Standard & Poor's, in 2017, the Big Five banks of Canada are among the world's 100 largest banks, with TD Bank, RBC, Scotiabank, BMO, and CIBC at 26th, 28th, 45th, 52nd, and 63rd place, respectively.[4] RBC and TD Bank are also on the Financial Stability Board's list of systemically important banks as of 2020.[5]

The term “Big Six” is sometimes used to include Canada's next largest bank, National Bank of Canada.[6]

  1. ^ Hazel Duffy (2004). Competitive Cities: Succeeding in the Global Economy. Taylor & Francis. p. 154. ISBN 978-0-203-36231-0. Canada's five largest banks and 80% of the foreign banks in Canada are headquartered in Toronto, as well as five Canadian pension plans and Canada's top insurers, which are responsible for 90% of the national industry's assets.
  2. ^ Keith Dinnie (2011). City Branding: Theory and Cases. Palgrave Macmillan. p. 21. ISBN 978-0-230-24185-5. Toronto is home to 40 per cent of the nation's business headquarters... many of the corporate global players are headquartered there: three of the world's 25 largest banks and all of Canada's five largest.
  3. ^ "Bank Act - Part VII: Ownership of Banks". Archived from the original on October 4, 2012.
  4. ^ Mehmood, JahanZaib. "The world's 100 largest banks". S&P Global Market Intelligence. Archived from the original on October 25, 2017. Retrieved October 24, 2017.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  5. ^ "2020 list of global systemically important banks (G-SIBs)". www.fsb.org. November 11, 2020. Retrieved July 8, 2021.
  6. ^ Staff, Investopedia (March 12, 2008). "Big Six Banks". Retrieved June 9, 2018.