There are numerous banks and credit unions in and around Canada, but only a couple are considered to be the top in the country. The biggest bank has always been considered to be the Bank of Canada, but there are other larger banks as well. Some of these banks are specific for one single province or city, but they are available throughout the country. Some US banks are also available in some parts of Canada, which makes it easier for people from the US to withdraw funds while they are on vacation. The most useful feature is to have an ATM machine from an American bank located in some of the most reputed tourist locations in Canada. You can also find some banks from other countries such as the Bank of Hong Kong and such. In this article, we will be looking at the Top 10 Banks in Canada.
10. Maple Financial Group Inc
For those who have not heard of Maple Financial Group, they are a privately owned financial organization headquartered in Toronto. The company focuses on providing banking services, financial resources, securities and more to both individuals and businesses who need them. Maple Financial Group does not only function within the country, but also helps businesses and people around the world. Officially established in 1986, Maple Financial Group Inc now has locations in Frankfurt, New Jersey, Toronto, Milan and London. They have become one of the top banks and security company in Canada in only a twenty-five year period.
9. National Bank of Canada
The National Bank of Canada is mainly located out of Montreal, but they have branches in Quebec, Ontario and New Brunswick. With about 2.3 million personal banking clients, the National Bank of Canada has made it at number nine on our list for their overall value of assets. The bank has several branches across the world in places such as USA, London, Hong Kong, etc. The National Bank of Canada is mainly a French-speaking bank, with many of its customers being French. This is one of the reasons why the National Bank of Canada is headquartered in Canada. The bank offers its clients with all the advanced features such as internet banking, telephone banking and such.
8. Desjardins Group
Desjardins Group which is formally known as the Mouvement des caisses Desjardins, is a French bank mainly located out of Montreal. It is the largest credit union associated organizations based in Canada. The Mouvement des caisses Desjardins has been known to offer some of the best housing insurance and mortgage rates for many personal clients of the bank. Thousands of people have their mortgages and housing insurance with the Mouvement des caisses Desjardins, as they offer some of the best rates in town. The real estate wing of the company is known as Place Desjardins, and the insurance division is known to people as Desjardins Securities.
7. Caisse de dépôt et placement du Québec
This is mainly considered as an organization that helps in controlling the pension fund in Quebec. The organization was first founded in 1965 by the National Assembly and it has been on a boom since then. The Caisse de dépôt et placement du Québec is referred to as the Caisse for short. The Caisse is headquartered in Quebec City with several offices and branches across Montreal. For twenty-two years, Jean-Claude Scraire was the CEO for the Caisse which at the time managed over one hundred and forty billion dollars in assets. He stepped down from his role in 2002, which was then taken over by Henri Paul.
6. Canada Mortgage and Housing Corp
The Canada Mortgage and Housing Corp which is referred to as the CMHC for short is a crown corporation run by the Canadian Government. The Canada Mortgage and Housing Corp was initially setup to help with the soldiers coming back from the WWII, which got them the needed housing. So, being a small organization that helped returning soldiers in finding a home, now it has become a major housing corporation in the entire Canada. The organization now helps people with housing, mortgages, low mortgage interest fees and such. In plain terms, the organization simply helps people with buying a home that is affordable.
5. Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce (CIBC) is one of Canada’s chartered banks. The bank is headquarter in Toronto, with branches all over the country. The Canadian Imperial Bank of Commerce conducts many studies to make sure that their clients are satisfied with their services and such. There are millions of clients that make up the assets that Canadian Imperial Bank of Commerce holds today. CIBC runs both a personal and business banking division. Many people have referred to CIBC to be a business banking institution, but you can do both with them. CIBC also have a major investments divisions which helps people with creating and managing investments.
4. Bank of Montreal
Bank of Montreal is Canada’s oldest bank which was founded in 1917 and is head-quartered in Montreal. The Bank currently serves over seven million customers worldwide, as it has operations in parts of the USA as well. In the USA, the bank operates as BMO Harris Bank and BMO Capital Markets. With only nine hundred branches, the Bank of Montreal serves over seven million people in Canada. On the Forbes 2000 Global List, the Bank of Montreal ranks as 150, which is a good rank for a company of this status. The bank also runs several other companies such as the Nesbitt Burns Markets. BMO now owns and operates AIG Insurance firms as they bought it out.
3. Bank of Nova Scotia
Bank of Nova Scotia referred to as Scotiabank, was located in Nova Scotia, but it was later moved to Toronto for executives purposes. Scotiabank has significant holdings and private dealings in the Latin America region as well as the Caribbean. With so much international holding, the Bank of Nova Scotia considers itself as the International Bank of Canada. The company ranks much higher than BMO on the Forbes 2000 Global List, as Scotiabank ranks at 92. Scotiabank has also acquired several possessions from the UK and Germany, which has given them a strong foundation to work under. With millions of customers across Canada, Scotiabank is Canada’s third largest bank in assets.
2. Toronto-Dominion Bank
The Toronto-Dominion Bank which has had several name changes and suggestions over the years is formally known as the TD Canada Trust. The bank is mainly located in Toronto, but has several thousand branches across Canada. When you are out travelling across the Canadian cities, the one bank you may see most often is the Toronto Dominion, but in total honesty, RBC has the most number of branches across Canada. However, in Montreal and Toronto; TD Canada Trust has the most number of branches and the longest opening hours. Compared to any other bank in Ontario and Quebec, TD Bank offers the best “active” hours, which gives it a significant boost when people try to choose between banks.
1. Royal Bank of Canada
The Royal Bank of Canada is the largest bank in Canada by market value and capitalization. The Royal Bank of Canada is the single bank in Canada that has the most number of branches, with 1,209 branches. The Royal Bank of Canada serves over seventeen million people across the world, and they employ an average of about eighty thousand people in all its offices and branches. With total revenue hitting the thirty billion mark, there is no reason as to why this bank shouldn’t make it at the number one spot. RBC also holds several properties and companies in other parts of the world, where it gains millions of other business and personal clients.
Posts
0 comments:
Post a Comment