Updated List of Banks in Canada 2023

The Canadian banking industry is one of the leading contributors to the country’s GDP and one of the top employers of labour. Let’s explore banks in Canada, shall we?

With over 90% of Canadian adults having a bank account, you can expect a great deal of competition in the banking industry.

There are over 80 banks in Canada including domestic and foreign banks. With over 5,700+ branches, these banks are categorized by their regulation, market cap and assets. 

Canadian banks offer a different range of solutions ranging from retail banking, corporate banking, private banking and investment banking.

In what follows, you will learn about all the banks in Canada across different categories.

Domestic Banks in Canada

Domestic banks refer to Canadian-based banks that are not subsidiaries of foreign banks.

The following is the current list of domestic banks in Canada that are regulated under the Canada Bank Act.

No.Bank NameBank Headquarters
1.B2B BankMontreal, Quebec
2.Bank of MontrealToronto, Ontario
3.Bank of Nova Scotia (Scotiabank)Toronto, Ontario
4.Bridgewater BankEdmonton, Alberta
5.Caisse populaire acadienne ltée (UNI)Caraquet, New Brunswick
6.Canadian Imperial Bank of Commerce (CIBC)Toronto, Ontario
7.Canadian Tire BankOakville, Ontario
8.Canadian Western BankEdmonton, Alberta
9.Coast Capital Savings Federal Credit UnionSurrey, British Columbia
10.Concentra BankSaskatoon, Saskatchewan
11.CS Alterna BankOttawa, Ontario
12.Digital Commerce BankCalgary, Alberta
13.Equitable BankToronto, Ontario
14.Exchange Bank of CanadaToronto, Ontario
15.First Nations Bank of CanadaSaskatoon, Saskatchewan
16.General Bank of CanadaEdmonton, Alberta
17.Haventree BankToronto, Ontario
18.Home BankToronto, Ontario
19.HomeEquity BankToronto, Ontario
20.Laurentian Bank of CanadaMontreal, Quebec
21.Manulife Bank of CanadaWaterloo, Ontario
22.Motus BankToronto, Ontario
23.National Bank of CanadaMontreal, Quebec
24.Peoples Bank of CanadaVancouver, British Columbia
26.President’s Choice BankToronto, Ontario
27.RFA Bank of CanadaToronto, Ontario
28.Rogers BankToronto, Ontario
29.Royal Bank of CanadaToronto, Ontario
30.Tangerine BankToronto, Ontario
31.Toronto-Dominion (TD) Bank Toronto, Ontario
32.Vancity Community Investment BankVancouver, British Columbia
33.VersaBankLondon, Ontario
34.Wealth One Bank of CanadaToronto, Ontario

As you can see, there are 34 domestic banking institutions in Canada with most of them located in the great city of Toronto.

Foreign Banks in Canada

As the name implies, foreign banks are an extension of foreign banking institutions in Canada. They’re also regulated by the Canada Bank Act.

That said, the following is the updated list of foreign banks in the country.

No.Bank NameHead Office in Canada
1.Amex Bank of CanadaToronto, Ontario
2.Bank of China (Canada)Markham, Ontario
3.Cidel Bank CanadaToronto, Ontario
4.Citco Bank CanadaToronto, Ontario
5.Citibank CanadaToronto, Ontario
6.CTBC Bank Corp. (Canada)Vancouver, British Columbia
7.Habib Canadian BankMississauga, Ontario
8.HSBC Bank CanadaVancouver, British Columbia
9.ICICI Bank CanadaToronto, Ontario
10.Industrial and Commercial Bank of China (Canada)Toronto, Ontario
11.J.P. Morgan Bank CanadaToronto, Ontario
12.KEB Hana Bank CanadaToronto, Ontario
13.SBI Canada BankToronto, Ontario
14.Shinhan Bank CanadaToronto, Ontario
15.UBS Bank (Canada)Toronto, Ontario

As the above table shows, there are currently 15 foreign banks in the Great White North, most of which are based in Toronto.

Foreign Bank Branches in Canada

These are branches of foreign banks in Canada that are also regulated by the Canada Bank Act.

Unlike foreign banks in Canada, foreign bank branches can’t accept deposits of less than $150,000.

Below is the updated list of foreign bank branches in Canada. 

No.Branch NameLocation in Canada
1.Bank of America, National AssociationToronto, Ontario
2.Bank of China LimitedToronto, Ontario
3.Bank of New York Mellon (The)Toronto, Ontario
4.Barclays Bank PLCToronto, Ontario
5.BNP ParibasMontreal, Quebec
6.Capital One Bank (USA), N.A.Toronto, Ontario
7.China Construction BankToronto, Ontario
8.Citibank, N.A.Toronto, Ontario
9.Comerica BankToronto, Ontario
10.Deutsche Bank AGToronto, Ontario
11.Fifth Third Bank, National AssociationToronto, Ontario
12.First Commercial BankRichmond, British Columbia
13.JPMorgan Chase Bank, National AssociationToronto, Ontario
14.M&T BankToronto, Ontario
15.Maple Bank GmbHToronto, Ontario
16.Mega International Commercial Bank Co., Ltd.Toronto, Ontario
17.Mizuho Bank, Ltd.Toronto, Ontario
18.MUFG Bank, Ltd.Toronto, Ontario
19.Northern Trust Company (The)Toronto, Ontario
20.PNC Bank, National AssociationToronto, Ontario
21.Coöperatieve Rabobank U.A.Toronto, Ontario
22.Société GénéraleMontreal, Quebec
23.State Street Bank and Trust CompanyToronto, Ontario
24.Sumitomo Mitsui Banking CorporationToronto, Ontario
26.U.S. Bank National AssociationToronto, Ontario
27.United Overseas Bank LimitedVancouver, British Columbia
28.Wells Fargo Bank, National AssociationToronto, Ontario

From the above table, you can see that there are 28 foreign bank branches in Canada across Ontario, BC and Quebec.

Note that the above is a list of full-service foreign bank branches in Canada. 

Below are the foreign bank branches in Canada that are focused on lending. 

No.Branch NameLocation in Canada
1.Crédit Agricole Corporate and Investment BankMontreal, Quebec
2.Credit Suisse AG, Toronto BranchToronto, Ontario
3.NatixisMontreal, Quebec
4.Silicon Valley BankMontreal, Quebec

Foreign Bank Representative Offices in Canada

Foreign bank representative offices in Canada exist on behalf of foreign banking institutions.

These offices are only allowed to represent foreign banks on corporate affairs and customer service.

The Canada Bank Act restricts foreign bank representative offices from conducting banking activities in Canada.

Below is the list of the 18 foreign bank representative offices in the country.

1.Agricultural Bank of China LimitedVancouver, British Columbia
2.Attijariwafa BankMontreal, Quebec
3.Banco Base, S.A., Institución de Banca MúltipleToronto, Ontario
4.Bank of Communications Co., Ltd.Toronto, Ontario
5.Banque Centrale Populaire du MarocMontreal, Quebec
6.Banque Degroof Petercam Luxembourg S.A.Montreal, Quebec
7.Banque Marocaine du Commerce Extérieur S.A.Montreal, Quebec
8.Banque Transatlantique S.A.Montreal, Quebec
9.Caixa Economica Montepio GeralToronto, Ontario
10.Caixa Geral de Depósitos, S.A.Toronto, Ontario
11.CaixaBank, S.A.Toronto, Ontario
12.Crédit Agricole Corporate and Investment BankMontreal, Quebec
13.Crédit Industriel et Commercial S.A.Montreal, Quebec
14.Doha BankToronto, Ontario
15.JN Bank LimitedToronto, Ontario
16.Landesbank Baden-WürttembergToronto, Ontario
17.MetaBankPickering, Ontario
18.NatixisMontreal, Quebec

Online Banks in Canada

As technology is advancing, Canada is witnessing an increasing popularity of online-only banks. 

Some of these banks operate independently while others operate as subsidiaries or direct banks of financial institutions in Canada.

For many Canadians, online-only banks are the best alternative to brick-and-mortar banks today. 

This is due to the low banking fees, low or zero minimum balance requirement, competitive interest rates and ease of use of online-only banks. 

That said, below are some of the leading online-only banks in Canada:

  • Tangerine Bank
  • EQ Bank
  • Motive Financial
  • Oaken Financial
  • Neo Financial
  • Simplii Financial

Click here to learn about the best online banks in Canada.

The Big Five Banks in Canada

The Big Five Banks is a term that is popularly used to identify the largest banks in Canada based on market capitalization and assets.

Below are the Big Five Banks in Canada by market capitalization.

  • Royal Bank of Canada (RBC)
  • Toronto-Dominion Bank (TD) 
  • Bank of Nova Scotia (Scotiabank)
  • Bank of Montreal (BMO)
  • Canadian Imperial Bank of Commerce (CIBC)

When it comes to assets, the above banks are still in the top five. However, in terms of assets, TD takes the lead followed by RBC. 

Schedule I Banks in Canada

In Canada, banks that are allowed to conduct full banking activities by the Federal Bank Act are referred to as Schedule I banks.

Besides the above Big Five Banks, the following are examples of Schedule I banks in Canada:

  • Canadian Tire Bank
  • Equitable Bank
  • General Bank of Canada
  • Haventree Bank
  • HomeEquity Bank
  • Laurentian Bank of Canada
  • Motus Bank
  • National Bank of Canada
  • President’s Choice Bank
  • Tangerine
  • Wealth One Bank of Canada

Schedule II Banks in Canada

Schedule II banks are foreign banks in Canada that are allowed to conduct banking activities including deposit collection.

Below are the examples of Schedule II banks in Canada: 

  • HSBC Bank Canada
  • Bank Of China (Canada)
  • Habib Canadian Bank
  • Citibank Canada
  • Amex Bank of Canada
  • J.P. Morgan Bank Canada
  • ICICI Bank Canada
  • SBI Canada Bank

Schedule III Banks in Canada

Foreign bank branches in Canada are categorized as Schedule III banks. 

As noted earlier, foreign branches are not allowed to accept deposits of less than $150,000 in Canada.

Below are some of the foreign bank branches in the country: 

  • Citibank N.A. 
  • The Bank of New York Mellon
  • Capital One Bank (Canada Branch)
  • Bank of China, Toronto Branch
  • Mizuho Bank, Ltd., Canada Branch
  • Sumitomo Mitsui Banking Corporation, Canada Branch
  • Comerica Bank
  • Deutsche Bank A.G.
  • MUFG Bank, Ltd., Canada Branch
  • PNC Bank Canada Branch
  • U.S. Bank National Association
  • Rabobank Canada
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About John Adebisi

John Adebisi is a CPA, FCCA and MBA holder with a Bachelor's degree in Accounting & Finance. He has over a decade of experience in writing personal and business finance content for audiences across North America, Europe, the UK and Africa. In addition to his writing experience, he also has a strong background in financial research and analysis, giving him a unique perspective of the financial markets. John derives pleasure in helping people make smart financial decisions, and he believes that knowledge and experience can be valuable resources for anyone who wants to learn how to manage their money.

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