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In Canada, the term Big Five
Banks is frequently used to
refer to the five biggest banks that dominate the banking industry in
Canada. All five banks are headquartered in Toronto or in Montreal.
The Big Five Banks are all classified as
Schedule I banks that are domestic banks operating in Canada under
government charter. Widely used and trusted, their services form an
important part of the Canadian economy. The banks' shares are widely
held, with any entity allowed to hold a maximum of twenty percent, and
there are also restrictions on foreign ownership.
The Big Five banks, listed in order of market capitalization on
the TSE (largest to smallest, as of Dec. 2007) with their current
corporate brand names and total deposit liabilities (as of 2007 Annual
Reports), are:
-
Royal Bank of
Canada (RBC Financial Group), 365 B deposits, Mkt Cap: 65.68 B
-
Toronto-Dominion Bank (TD Bank Financial Group), 276 B deposits, Mkt
Cap: 52.04 B
-
Bank of Nova
Scotia (Scotiabank), 288 B deposits, Mkt Cap: 50.58 B
-
Bank of
Montreal (BMO Financial Group), 232 B deposits, Mkt Cap: 32.00 B
-
Canadian
Imperial Bank of Commerce (CIBC), 232 B deposits, Mkt Cap: 24.65 B
In modern
history, Royal Bank has always been the largest by a significant
margin. Up to the late 1990s, CIBC was the second largest, followed by
Bank of Montreal, Scotiabank, and TD Bank. During the late 1990s and
beyond, this ranking changed due to several re-organizations. Royal Bank
acquired Royal Trust, then the second-largest trust in Canada, in 1993,
while Scotiabank purchased National Trust in 1997. As Scotiabank found
no merger partners among the other banks in the big five group, it
instead expanded its international operations (outside of the US) and
passed the Bank of Montreal in size.
TD Bank merged
with Canada Trust, which was for a long time the largest trust in
Canada, thus vaulting TD temporarily into the number two spot. While
there were no major changes to Bank of Montreal, CIBC's unsuccessful
foray into the US market led it to shed its assets there, dropping it to
the number five spot.
The term Big Six Banks is frequently used
as well. The "Big Six" also includes the National Bank of Canada, though
it is significantly smaller than the other major banks and is focused in
the province of Quebec. The Big Six chartered banks participate in the
Large Value Transfer System (LVTS) together with eight other banks
(including the Bank of Canada).
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