List of banks and credit unions in Canada

Canada has a diverse range of banks and credit unions, each with its own unique features and benefits.

The Big Five banks in Canada are Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, and Bank of Montreal.

These banks offer a wide range of services, including personal and business banking, investment services, and insurance products.

Royal Bank of Canada, for example, has over 1,200 branches across the country, making it one of the most accessible banks in Canada.

Toronto-Dominion Bank, on the other hand, has a strong online presence and offers a mobile banking app that allows customers to manage their accounts on the go.

Bank of Nova Scotia has a significant presence in the Pacific region, with many branches in British Columbia and Alberta.

Canadian Imperial Bank of Commerce is known for its business banking services, offering a range of products and solutions for small and medium-sized businesses.

Bank of Montreal has a strong focus on community banking, with many branches located in smaller towns and cities across the country.

Credit unions, such as Vancity and Coast Capital Savings, offer a more community-focused approach to banking, with profits being reinvested back into the community.

Vancity, for example, has a strong commitment to social responsibility and offers a range of products and services that support sustainable living.

Large banks in Canada have a significant presence in the country's financial sector. One notable example is the Big Six banks, but there are also other large banks worth mentioning.

Equitable Bank, also known as EQ Bank, is a notable example of a large bank in Canada. With a market capitalization of $3.30 billion CAD in 2023, it's clear that this bank is a major player in the industry.

Here's a brief overview of some other large banks in Canada:

Laurentian Bank has a significant presence in Canada, with total assets of $49.9 billion CAD in 2023. This is a testament to the bank's stability and growth in the industry.

Other large banks, like Equitable Bank, have a significant market presence in Canada. Equitable Bank, also known as EQ Bank, has a market capitalization of $3.30 billion CAD as of 2023.

Equitable Bank's revenue for 2023 was $0.785 billion CAD. This is a notable figure, especially when considering the bank's relatively small size compared to other large banks.

In terms of employees, Equitable Bank has around 1,685 full-time equivalent (FTE) staff. This is a relatively small workforce compared to some of the other large banks in the country.

Another notable large bank in Canada is Laurentian Bank. With a market capitalization of $1.18 billion CAD as of 2023, Laurentian Bank has a significant presence in the market.

Laurentian Bank's revenue for 2023 was $1.03 billion CAD, and its net income was $181 million CAD. The bank also has a substantial asset base, with total assets of $49.9 billion CAD.

Here's a brief comparison of Equitable Bank and Laurentian Bank's key statistics:

Schedule I Banks are actually a classification of banks in Canada, but there's no information provided in the article sections about them. However, we can compare them to the Schedule II banks, which are subsidiaries of foreign banks.

Schedule II banks, on the other hand, are banks allowed to accept deposits and which are subsidiaries of a foreign bank. As of March 2024, there were 15 of these banks in Canada.

Here's a list of some Schedule II banks:

Desjardins is a notable financial institution in Canada. It was designated as a Domestic Systemically Important Bank (D-SIB) by the Autorité des marchés financiers, which oversees Quebec's financial sector.

Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks.

There are three main classifications of banks in Canada, and understanding these can help you navigate the banking system. Domestic banks are those that are owned and operated within Canada.

For a greater explanation of the classifications, see Banking in Canada and Bank Act (Canada).

In Canada, there are several government-owned institutions that play a significant role in the financial sector. The Bank of Canada is a central bank that is owned by the government.

One notable government-owned institution is the Business Development Bank of Canada. It's a unique bank that focuses on supporting small and medium-sized businesses. Farm Credit Canada is another government-owned institution, but it's not a traditional bank. Instead, it's a major lender to the agriculture and agri-food industries.

The Government of Alberta also has a government-owned financial institution called ATB Financial. It's a Crown Corporation that provides banking services to Albertans.

Here's a list of government-owned financial institutions in Canada:

Canada has a strong co-operative financial services sector, with a high per capita membership in the credit union movement, boasting over 10 million members, or about one-third of the Canadian population.

Credit unions can be found in all parts of the country, but they are strongest in the western provinces and in Quebec, where 70 per cent of the population belongs to a caisse populaire.

The Desjardins Group is a notable network of credit unions, particularly in Quebec, and also operates in other provinces. As of December 2023, Desjardins Group's consolidated assets totalled $407 billion CAD.

Here are some of the largest credit unions in Canada, excluding Quebec:

Desjardins is a notable example of a credit union that has received special designation. The Autorité des marchés financiers, which oversees Quebec's financial sector, designated Desjardins Group as a D-SIB. Desjardins Group is a prominent financial institution in Canada.

Credit unions are a type of financial cooperative that's unique to Canada. They're owned and controlled by their members, who pool their resources to provide financial services.

In Canada, there are over 10 million credit union members, which is about one-third of the population. This is the highest per capita membership in the credit union movement worldwide.

Credit unions in Quebec are particularly strong, with 70% of the population belonging to a caisse populaire. In Saskatchewan, close to 60% of the population belongs to a credit union.

Here are some of the largest credit unions in Canada, outside of Quebec:

The Desjardins Group is a network of credit unions in Quebec and other parts of Canada. As of December 25, 2023, its consolidated assets totaled $407 billion CAD.

Provincial credit unions are regulated by their home provinces, which means they're not covered by CDIC deposit insurance.

Each province has its own regulatory body, such as the Financial Services Regulatory Authority of Ontario (FSRA), which covers eligible deposits at credit unions and caisses populaires in Ontario for up to $250,000 for non-registered accounts.

In Ontario, registered accounts are covered by the FSRA for unlimited amounts.

Alterna Savings is a great option for Canadians looking for a reliable financial institution. They offer a wide range of services, including Card Services, which can be used for everyday purchases.

Alterna Savings also provides Commercial Loans and Consumer Loans for individuals and businesses. These loans can be used for a variety of purposes, such as buying a home or financing a business venture.

Their Deposit Services allow customers to easily manage their savings and checking accounts. This includes features like ACCULINK In Branch, which enables customers to access their accounts in person.

Alterna Savings also offers Insurance Services, Investment Services, and Leasing Services to help customers protect their assets and grow their wealth.

The Police Credit Union Limited offers a variety of payment options, including ACCULINK, Interac, and Visa Credit.

They also participate in THE EXCHANGE network, which allows members to access their accounts at a wide range of financial institutions.

The Police Credit Union Limited is a member of the PLUS network, which provides international ATM access to members.

Members can use their Maestro cards to make purchases and withdraw cash at participating merchants and ATMs.

The Police Credit Union Limited offers a range of payment options, including Mastercard Credit.